Macquarie steps up platform growth
A bumper month in June which saw Macquarie Wrap Solutions grow by $500 million has pushed the platform’s total funds under advice over the milestone figure of $15 billion.
Macquarie adviser services division director Giulio Russo said that over the course of its life, the platform had grown by $3 billion every 12 months on average to reach the benchmark.
He said the growth represented a strong endorsement from financial advisers, but warned that Macquarie would have to work hard to stave off competitors.
“Advisers sent a strong message to us this year that our competitors are starting to catch us in terms of service provision. We take this feedback very seriously and we believe there is no room for complacency,” he said.
Russo said Macquarie had spent time talking to advisers to identify areas for improvement.
He said rapid growth always put pressure on service levels and the company was concentrating on service provided by back office operations and support staff, and was working to make systems and processes more efficient by eliminating manual tasks and improving hardware.
“We are focussed on meeting advisers’ priorities and designing systems around their needs and requirements to help them run their businesses more efficiently,” he said.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.