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.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.