Wealthpoint to be relaunched under new owners
Midstreet Technology, which bought the Wealthpoint platform from Sealcorp this week, will be revamping and relaunching the web-based technology platform.
Midstreet says it will be expanding the Wealthpoint service to meed the demands of financial institutions and dealer groups.
Midstreet managing partner Mark Giles says the new Wealthpoint will integrate otherwise disconnected tools such as wraps, online broking services and back-office accounting systems. The core features will include client and portfolio management systems, a market research engine, a set of planning tools and audit and compliance tools.
“The main difference is that it is now truly open, which was difficult when owned completely by a single financial institution,” he says.
The system is now free to link to all transaction platforms, including non fund management products like an institutional back office engine, he says.
“Importantly, Wealtpoint will also fully address the challenges of FSRA (Financial Services Reform Act) compliance,” he says.
“Everything in the system has a full audit trail, and the system has a very rich ‘know your client’ emphasis with needs analysis, fact find and risk profile.”
Midstreet will be relaunching the Wealthpoint platform to the market in November, pitching it as an independent financial services technology company.
Giles says the company is already in talks with a group about licensing out the new version of Wealthpoint.
“We are currently talking with a group of partner solutions that will use the Wealtpoint front office as a common framework to deliver ‘opt in’ services that can be provided to planners,” he says.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
