FSP platform cracks $1 billion
The FSP Portfolio Services platform, Portfolio Services Wrap, has passed the $1 billion mark in funds under administration (FUA) 18 months earlier than its management had forecast.
“It certainly happened a lot quicker than I thought it would. I think it reflects the strength of working in partnership with advisers, and both of us being focused on delivering good outcomes for clients,” FSP Portfolio Services chief executive Robert Swil said.
The achievement means the platform has doubled its FUA over the past two years and tripled it in terms of a three-year timeframe.
The platform consists of two main elements, a superannuation fund and an investor directed portfolio service, with 80 per cent of the offering’s fund flows coming through the superannuation segment.
FSP has now set itself the task of doubling the platform’s FUA again in less than two years.
To facilitate this growth, FSP will implement additional adviser support and marketing facilities throughout the coming year.
“The additional support will come in the form of ongoing training to help advisers and their support staff,” Swil explained.
“We have a group of advisers that make up a platform committee and that is involved in helping map out future product development, and we’re going to continue with that because it has worked fantastically for us,” he added.
According to Swil, the improved marketing facilities will work along the lines of helping advisers develop different strategies for their clients, such as those addressing the changes to the superannuation contribution and tax environment currently being faced by consumers.
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