Perpetual to tailor offering to HNW sector
Perpetual is to differentiate its service proposition to attract more boutique advisers and other advisers operating in the high-net-worth space, according to general manager, adviser distribution, Damian Crowley.
“These advisers have different needs around business issues, but also have more sophisticated clients and therefore more sophisticated information needs."
Crowley said the new proposition would be progressively rolled out over next three months to about 3,000 advisers or 20 per cent of the market that falls into this category.
“Previously we have picked up these advisers as part of our normal distribution activities, but we haven’t provided a differentiated service package to that group.
“We haven’t got a consistent package where we could say to a boutique we could offer you this package of services to help you with your business.”
Boutiques are increasing their share of the market, and they also have a very high share of wallet among the types of clients that would probably look for our services, he said.
“They tend to deal in ultra high-net-worth, high-net-worth and the mass affluent, and that market we think is aligned with our brand propositions and our service and products.”
Another thing about boutiques is they control the investment decision, and won’t be dictated to by a head office, so we can work more closely with them, he said.
“Usually all they need is for products to have been recommended as investment grade by at least one researcher.”
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
