After hearing reports that advisers were looking to take SMSF clients off platform in search of greater control, OneVue CEO Connie McKeage wanted to remind advisers that newer platforms have fewer limitations.
While some clients are willing to pay for certain assets to be administered, some prefer to transact on and manage assets themselves. This may or may not include an adviser or accountant, says McKeage. She says that implementing a client perspective over a product perspective enables greater shift room and has caused an influx of SMSF client assets coming on platform.
"We have a modular service that enables a client to establish an SMSF, have us administer their SMSF, buy or sell a full range of SMSF assets or any part thereof. One of the features they really like is the accuracy and transparency of our daily member reporting."
"OneVue management and staff are shareholders in the business therefore they care what our clients think because their future is tied to their satisfaction with our products and services."
MDA specialist Ian Bailey isn’t convinced and is working on an application that advisers will be able to use without signing up to a platform. “Real platform costs, apart from all their inefficiencies, are probably around 300bps. So we believe we’ve got a good solution out there that the adviser can be paid a very fair amount of money for about half of what the other wraps and platforms offer.”
However, Bailey isn’t sure when (or if) they will get it to market. “It’s a very, very big application, it’s monstrously large. It does rebalancing, push a button and in four minutes it rebalances hundreds of portfolios…It’ll be interesting if we ever get it to market. But I don’t really care about that either. We’re building it to do that but it’s just been great for our business.”