OneAnswer expands product offering
ING Australiahas announced changes to the investment options available on its low-cost OneAnswer platform to provide more choice and convenience to its advisers and investors.
The changes, effective as of September 10, will see the platform offer four new ING funds, the whole Optimix ‘Manage the Managers’ range of funds and 11 new funds from external managers.
The additions will see a total of 53 investment options offered by OneAnswer, with the menu and fees the same across the platform’s investment, personal superannuation and retirement offerings.
A new margin lending facility will now also be available throughANZto investors in OneAnswer’s Investment Portfolio.
ING executive director Ross Bowden says the changes are due to ING’s commitment to continually refine and upgrade the product to keep it competitive and increase its market share in the simple platform market.
The new ING funds available will be the ING Diversified Fixed Interest, Diversified High Yield, Select Leaders and Sustainable Investments — Australian Shares funds.
Bowden says the decision to feature all 11 Optimix investment options within the platform, six of which will be new, is because these funds have been “quiet achievers”.
ING says the enhanced OneAnswer will be marketed with a new Product Disclosure Statement (PDS), which aims to list all fees and charges clearly and explains complex terms in simple language.
Bowden says the changes offer more investment options, but that they are still limited in number when compared to a wrap account, making it easier for less complex investors.
OneAnswer went back to basics with the launch of its low-cost platform in September of 2002, which since then has managed to draw $1.46 billion in inflows.
ANZ OneAnswer, a customised version of ING’s OneAnswer, was recently launched to ANZ advisers as part of the joint venture arrangement between the two groups.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
