Monitor Money moves over to Summit
The Monitor Money planning group will shift from its current investment platform, Assure, over toSummitafterAXAsenior management gave the deal its approval.
Monitor Moneybecame part of the AXA group in October last year and the decision follows six months of researching the benefits of the move which is slated for completion by April 2003.
AXA portfolio administration services general manager Annette King says the decision was made in a bid to boost the scale of Summit in the market and would generate cost savings and would also be more efficient for the groups using the platform.
Despite the move to the new platform, Monitor Money would continue to offer investment services through Assure as only its portfolio administration services would move across to Summit. At present this represents about one third of Assure’s current business, which also includes servicing a number of third party dealerships including Symetry, NetWealth and Chifley.
King says Assure will remain within the AXA group given its sizeable client base but the shift would impact 20 jobs and Assure was investigating possible employment in other parts of the business.
Monitor Money, which services 3500 clients through nine office and 26 financial planners, came under the AXA banner in October 2001 when the French giant purchased Monitor’s previous owner, Sterling Grace.
AUTHOR
Jason Spits
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
