netwealth is planning to launch a new comprehensive managed account service in the third quarter of this year.
Available via the firm’s wrap and superannuation products, the new service will serve as another investment alternative under netwealth’s approved product list (APL), according to Finacial Standard.
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Managed by head of investment and research Paul O’Connor, the managed account service will allow clients or advisers to personalize their investments that can be customized for individual clients.
Additionally, the service will determine a minimum amount to hold in every stock and the possibility to block or keep certain companies, apart from the fund manager recommendations.
netweatlh executive director Matt Heine said that it has held talks with advisers during the past six months regarding the usage of a managed account.
Financial Standard quoted netweatlh managing director Michael Heine saying that the group has beenworking on a variety of models from well-known investment managers and dealer groups.
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By GlobalData"The beauty of the managed account structure is that it makes the adviser’s business very efficient because the client’s portfolio can be managed without all the admin in the adviser’s office," Heine added.
Heine believes that the managed accounts assets will eventually become a significant part in the netwealth business.
Netwealth, with $5.2 billion in funds under management (FUM), intends to hit $10 billion FUM over the next three years.
