Portfolio Links serves up unlimited menu wrap
SYDNEY-based financial services Group, Portfolio Links, has launched what it is calling the next generation wrap account, promising to set no limits on the range of assets that can be consolidated under the new platform.
Portfolio Links chief executive Richard Mulligan says the motivation for the roll out of the platform was that existing master trust and wraps did not give financial planners complete access and reporting on all the assets held by a client.
Mulligan says the new wrap would provide true consolidated reporting on all client assets, not only those on the recommended list of a wrap provider.
He says each client’s assets will be held individually by a custodian, which would allow them to be transferred in and out of the administration platform without incurring capital gains tax.
“[Existing] platforms are not giving an overview of the whole portfolio and planners have no real way of knowing what investments clients are using that are off the recommended list,” Mulligan says.
Mulligan says with Portfolio Links, dealer groups will set their recommended lists, and if planners access products for clients outside the list they will do so through product waivers signed by clients.
“This step allows planners to offer wider choice under the administration platform but also addresses the concerns of dealer groups regarding unauthorised investments,” Mulligan says.
The formal launch of Portfolio Links also marks the return to the industry of John Ntatsopoulos, who has been appointed director of sales and marketing for the new platform.
Portfolio Links will not charge planners a fee for use of the platform. Rather, the group will structure payment deals with planning groups based on usage and clients themselves will be charged a fee.
AUTHOR
Jason Spits
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
