Praemium debuts new adviser solution targeting HNWs

Praemium has expanded its wealth management suite with a new solution designed for financial advisers who service high-net-worth (HNW) investors.

According to the platform provider, the Praemium Spectrum offering has been designed to meet the complex needs of HNW investors, giving advisers the tools to deliver a “truly holistic wealth management experience”.

Praemium said this new offering “sets a new standard for private wealth management” and reinforces its commitment to “delivering excellence and growing significant market share in this segment”.

Spectrum allows advisers to manage their account digitally, including regulatory data and anti-money laundering (AML), common reporting standard (CRS-FATCA), client classification, and fee consent.

“This digitisation ensures compliance and reduces administrative burdens for both investors and advisers,” Praemium said.

Advisers will be able to access a wide range of investment options across bonds and managed funds, term deposits and managed accounts, domestic and international equities, and alternative assets, and report on both custody and non-custody assets.

Praemium added that Spectrum offers a streamlined adviser portal with “enhanced” trading capabilities with its new asset preference list (APL) and wholesale investment controls and follow-up mechanisms to allow greater portfolio management and customisation.

This latest addition also simplifies the investor onboarding process by automatically generating the necessary forms based on a client’s investment requirements and communication preferences. Furthermore, it can integrate with broker order pads and bank data feeds, allowing advisers to execute fast trades and access key investment information, reducing time spent on administrative tasks.

Praemium chief executive Anthony Wamsteker said the new offering aligns with the company’s commitment to deliver better solutions for advisers.

“We are thrilled to launch Praemium Spectrum, as it brings together the breadth and depth of experience that Praemium has in servicing our private wealth clients, in a flexible structure that we believe no other platform can truly match,” Wamsteker said.

“With Spectrum’s ability to report on total wealth across custody and non-custody and deliver a comprehensive digital onboarding and service experience, our advisers are better equipped to cater to the increasingly unique requirements of their high-net-worth investor client base.

“This platform advancement embodies our commitment to empowering advisers with cutting-edge tools, seamless onboarding, and digitised investment management capabilities, enabling them to provide unparalleled services and achieve exceptional outcomes for their clients.”

The 2024 High Net Worth Investors report, released by Praemium in conjunction with Investment Trends last month, found that the HNW investor market has grown 8.7 per cent, from 635,000 in 2023 to 690,000 in 2024, and now manages $3.4 trillion in investable assets, up from $2.98 trillion in the previous year.

Despite the growth seen in this demographic, the report found that 58 per cent have unmet advice needs, up 15 per cent to 300,000 investors.