Zurich rolls out another wrap
Zurich Financial Serviceshas launched a new wrap account that gives the advisers and dealer groups that use it access to a rewards-based equity program.
The wrap account, AssetChoice, also offers a flexible fee program which could allow advisers to set their own fee percentages or dollar amounts, or choose the make-up of their up-front and/or ongoing fees.
The wrap account will provide investors with access to 41 wholesale fund managers, with two investment vehicles. The first is a wrap service for general investments — a custodial and transaction service offering access to more than 270 wholesale managed funds. The other alternative is the SuperWrap vehicle, which is a superannuation master trust offering access to 150 wholesale managed funds and a selection of the top ASX-listed securities.
The processing of the wrap will be performed byBT Portfolio Services, which also provides this function to AssetChoice’s predecessor at Zurich, Assetlink, launched in 1997.
Zurich Financial Services head of distribution Steve Newnham says in launching the new wrap service, Zurich was able to build on the strengths of Assetlink.
“Zurich has been closely involved in the pioneering of wrap accounts in Australia with the administrator BT,” he says.
“AssetChoice builds on the successful foundation of Assetlink to take the Australian wrap market to the next major level of innovation.”
Newnham flagged the rewards-based equity program as being the service’s most innovative features.
“Under this arrangement, once advisers and dealer groups reach a level of support for the service in terms of funds under administration, they automatically start to reap the rewards,” he says.
The two wrap services will continue to operate side by side, and Zurich says existing Assetlink users will be able to migrate to the new AssetChoice wrap.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
