Trust and wrap accounts too expensive

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The new ASX platform, Aqua II, is bringing some much-needed innovation to the sector.

Yellow Brick Road CEO Matt Lawler has been concerned about the increasing costs of master trust and wrap accounts, and says the new platform should lower prices to around 1.5% including advice.

The lowering of prices will be critical for advisers to continue to be competitive and continue to be a good choice for clients to come and see, he told WP TV.

“It’s one of the great innovations that we’ve seen out of the industry in some time…It’s good to see some innovation like that, it drives competition, it drives alternatives for consumers, and it gives advisers alternatives as well.”

OneVue CEO Connie McKeage agrees with Lawler’s sentiments and says that institutions opposed to the new platform, “clearly don’t have the interests of the wider community at mind”.

McKeage says that the platform will have wider implications on the engagement of clients and investors in Australia.

Watch the full interview here for more information.