Lifespan kicks off Omniport wrap
Lifespan Financial Planning has boosted its presence in the wrap account market with the launch of it own service, the Omniport Wrap Service, with the first $800,000 entering into the account’s cash management trust.
Lifespan research manager William Tomac says more than 10 of the group’s specialist planners have already signed on to use the Omniport Wrap Service, and Lifespan is confident of more to come.
“The uptake and enthusiasm is very high and advisers looking at their business will see this as a business solution. We are confident of a strong uptake once they see the business opportunity and equity plan,” Tomac says.
About 60 of Lifespan’s 200 odd planners have completed the two days of training for the Omniport platform, using the demonstration database to become familiar with the system.
The Omniport Wrap Service’s transactional functions are made up of the Omniport cash service, share service and managed fund service. It is run by a separate operating company, Omniport Limited, but is based on Avanteos software, which has been developed by Colonial First State.
Providing the front and middle office functions for the fully integrated Web-based service is the Omniport Planning Portal. The portal services include research capabilities, a plan writer and modelling, and has been operational since the end of August.
Tomac and Lifespan director John Ardino also intends on expanding the marketing of Omniport to boutique dealer groups.
“The target in general terms is to create a ground swell amongst boutiques in the next three to four months,” Tomac says.
“We plan to offer [Omniport] to boutiques who may be disgruntled with their current arrangements, and we believe once these guys understand the possibilities and the equity, they will get excited.”
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
