Wyld bunch take on master trust heavies
Kevin Wyld is one of the faces behind Beacon Investment Services, which is to be officially launched at the Financial Planning Association’s convention in Sydney next month.
While Wyld was not able to name the other partners in the venture as Money Management went to press, he says they are all from the financial services industry, with "a strong institutional partner" included among them.
Wyld describes Beacon's offerings as that of a "stock standard master trust" which will utilise the services of some of the boutique fund managers, though "not all have signed off yet".
First cab off the rank at Beacon will be an allocated pension and superannuation account, to be followed by an investment funds account in the following month. The decision to move first into the retirement planning market was made because the Managed Investments Act (MIA) made such products "a little bit easier to do", Wyld says.
At the moment Beacon will distribute its products through Grosvenor Securities in Melbourne, but Wyld expects more planning groups will soon follow.
Wyld says has been working on the new venture "practically non-stop" for the past year, after leaving Financial Wisdom following its incorporation into the Colonial Group last year.
"I still thought I had a few shots in me and decided to build something that would be a little unique. This will be a more modern offering than other master funds. We're starting with a fresh, clean sheet," he says.
Beacon Investment Services will offer modelling software and client management software, with electronic communication of information referendums.
AUTHOR
Samantha Walker
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
