Many advisers are struggling with managed accounts: Philo
Despite high levels of interest in managed accounts among financial planners, many have no practical or theoretical experience of them, experts believe.
Philo joint chief executive, Brett Sanders, said that despite there being an estimated $15 billion in managed accounts in Australia, knowledge levels were "quite variable" with many advisers struggling to understand them.
"We have learnt not to assume too much when discussing managed accounts with advisers as they often don't have practical or theoretical experience of them," he said.
With an estimated $15 billion in the managed account market, Philo head of sales, Stephen Karrasch, stressed the need for planners to learn more about managed accounts.
"People can see some planning firms making great strides with managed accounts and there is a real thirst for understanding about how managed accounts work and how they can be used in their business," he said.
"However, people are also confused by the diversity of managed accounts - they see services that are very different described as managed accounts and it creates all sorts of questions for them."
AUTHOR
Nicholas O'Donoghue
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