Mercer signs deals with Citibank and SFG
Mercer has completed a deal to provide Citibank Australia with research and a financial adviser portal. In a separate deal, Mercer is set to become an investment consultant to SFG (formerly Snowball Group).
The agreement with Citibank Australia follows a regional review by the Citibank Asia-Pacific head office in Singapore, according to Mercer head of wealth management Brian Long.
"They wanted someone to provide a research portal to their advisers, and they wanted someone to do their model portfolios for them," said Long.
Citibank was attracted to Mercer because the research house has people on the ground, with 140 people in the investment division in Australia, said Long.
"It's not 'pay-for-ratings' - we're on the ground and therefore don't get caught up with the blowups from people flying in every few years," he said.
Mercer has also picked up an investment consultant role with SFG , he added.
The latest deals with Citibank and SFG come after a number of "wins" last year, said Long, when Mercer entered into agreements with WealthSure, Lifespan, WHK, Credit Suisse and Macquarie Bank.
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.
