Wealth02: Referrals are the key cause of our growth
Wealth02 has surpassed half a billion in funds under management (FUM), an increase of more than 60 per cent, after seeing new business that it cited came “purely from referrals and word of mouth”.
The fintech company, which offers services primarily targeted at financial advisers’ use of managed discretionary accounts (MDAs) and managed accounts (MAs), said the growth stemmed from more than 35 non-bank aligned groups using the technology.
When announcing the growth, Wealth02 was keen to promote its success in gaining referrals.
“Our technology helps advisers more easily demonstrate that they’re meeting best interest practices in their delivery of advice to investors,” Wealth02 managing director, Shannon Bernasconi, said.
“We don’t have sales people at WealthO2, so all our growth is due to referrals from existing clients. We’re both grateful and very proud of that.”
The company also announced some appointments it had made this year. Hong Nguyen joined as senior product development manager from HUB24, Shai Saar joined the development team from Telstra SNP Monitoring, and Joy Lopez moved from Intiger Asset Management to be client services manager.
AUTHOR
Hannah Wootton
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
