What’s in the pipeline for platforms?
Targeting new demographics and trends as well as centralising technology solutions is on the cards for platforms over the next few years, according to some of the largest platform providers.
Speaking to Money Management, Kathy Vincent, managing director, BT Platforms and Investments, said the great wealth transfer amongst baby boomers and younger generations was continuing to escalate, presenting growth opportunities for platforms.
“In the context of the great wealth transfer, catering to female investors’ needs is essential as, before wealth gets transferred to younger generations, it’s expected that it will first be transferred to surviving spouses, who are usually women,” she said.
“Apart from this, women are becoming increasingly engaged in investing, and we are seeing this being demonstrated, for example, in the growth in the number of SMSFs now being established by women.”
She said BT would continue to target millennials through continued investment into its mobile app.
HUB24 chief executive, Andrew Alcock, echoed similar demographic targets, stating HUB24 was well positioned for industry trends which would facilitate organic growth.
“These include demographic trends like the baby boomers heading into retirement, the intergenerational transfer of wealth, and the rise of the millennial generation and the mass affluent, who seek far more tailored solutions and value propositions that meet their needs and preferences,” he said.
A spokesperson from Praemium said the firm was targeting a single technology solution for every advice business and their entire client base through its API (Application Programming Interface) offering and continued development in its managed account and non-custodial solutions.
“We believe this will make Praemium the platform of choice for an increasing number of private wealth and advice firms and support not only our growth trajectory over the coming year bit our strategic goal to be the leading independent platform in Australia,” the spokesperson said.
AUTHOR
Liam Cormican
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