Medico advice firm ditches platforms for MDA
Advisers to Australia's healthcare professionals, MEDIQ Financial Services, will move its clients to a lower cost managed discretionary account (MDA) system, having "road-tested three different investment and administration solutions".
The Synchron-licenced firm announced its partnership with managedaccounts.com.au yesterday, in a move that is set to see the cost of advice fall for the company's client-list of doctors and other health professionals.
MEDIQ managing director, Ravi Agarwal, said the move to the MDA was driven by client demand.
"Many of our clients have a self-managed super fund and want to invest directly in broad range of investments without the hassle of responding to a Record of Advice when there are changes to their portfolio," he said.
"Medical professionals are time poor and they want us to manage their financial affairs. We believe the new MDA solution will dramatically lift efficiency and help us add significant value for clients. This will ultimately help our business grow."
Agarwal added that the MDA would enable advisers to be more "proactive" without "burdening the client with complicated documents".
"Once an adviser and client agree on an investment mandate, the adviser has the freedom to operate within that mandate for a defined period of time," he said.
"As long as that mandate is appropriate, and regularly reviewed and re-established, every party benefits and the adviser can deliver a service at a lower cost."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
