Onevue attracts more interest in UMA platform
With interest growing in unified managed accounts (UMA), platform provider Onevue is about to finalise new contracts with a number of advisory groups to expand the distribution of its UMA platform.
Onevue chief executive Connie McKeage said the company would be making subsequent announcements about the contracts in the next week so.
Onevue stated that the platform is currently being used by Yellow Brick Road, Australian Financial Services and Madison Financial Group
"While the concept of the UMA is still relatively new in Australia, OneVue is getting more traction from advisers because the UMA provides a consolidated administration and reporting service online that gives advisers a complete view of their clients' total wealth position," said McKeage.
McKeage described the offering as one account with many products managed cost-effectively. She said it was different from traditional platforms because it accommodated all of a client's fixed interest securities and term deposits, traditional WRAP accounts, managed funds, separately managed accounts, listed securities and cash.
"They can put anything on there - they (an investor) can put jewellery on the account (which we don't charge them for). They can choose from over 300 different term deposit solutions, and they can even hold art and other collectables," McKeage said.
Advisers were recently able to operate managed discretionary accounts through the UMA platform and Onevue was close to launching its retail super and insurance offering through the platform, McKeage said.
According to McKeage, UMAs are one of the fastest growing markets in the US. She said Onevue has recognized this potential growth in Australia, particularly in regards to the ability to administer and report on exchange-traded funds.
"We're perfectly placed to have a more consumer-centric proposition instead of a product-centric proposition," McKeage said.
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