The research firm’s December 2019 Platform Benchmarking and Competitive Analysis Report ranked the industry’s 18 leading platforms across six categories and 509 criteria, and found Netwealth was the leader in overall functionality.
Investment Trends senior analyst King Loong Choi said functionality scores had improved in a wide range of areas in the year since the previous report, with the gaps between the top few platforms narrower than ever before as the top names sought to bring more new features to market.
“Many platforms have introduced a host of improvements to help advisers further demonstrate their value add to clients, ranging from fee cuts to improved fee comparison tools, managed accounts functionality and retirement calculators,” Mr Choi said.
HUB24 scored a close second to Netwealth in the report, with BT Panorama and Praemium ranking third and fourth, respectively, and OneVue coming in fifth. The rankings were an impressive debut for Praemium, being the first time the platform was included in the report.
Macquarie Wrap was awarded Best New Functionality by Investment Trends for its Digital Portfolio Manager tool, which automated portfolio alignment according to an adviser’s investment philosophy as well as creating authorisation requests and advice documentation digitally.
The research firm also identified the continuing rise of managed accounts as another trend in this year’s report, with 13 of the 18 platforms offering managed account services to advisers and many making changes to their CGT modelling tools and ability for advisers to substitute and exclude stocks in their portfolios.
“Platforms are aware that more financial advisers are starting to use managed accounts, while existing users are using these solutions more extensively,” Mr Choi said.
“As a result, improvements in the last 12 months focused on helping both new entrants and also model managers who demand greater flexibility and functionality.”
What abt POWERWRAP (ASX ; PWL)?
C’mon PowerWrap management…your no 1 stakeholders who invested at 35c /shr in the IPO in April 2019…are waiting for a positive return on their investment. .. ..
Shr price as at today is 16.5cents….
How are these advisers recommending this product?… High fees and a product too complex for the average Australian… Would love to see the SoA’s for these.
Average Australians don’t use advisers.
They get super advice from the Barefoot HostPlus spruiker, and investment advice from John McGrath.
They get insurance advice from Adele Ferguson, which is basically… “no insurance company ever pays any claims, so never get insurance, just rely on GoFundMe when your life turns to shit”
Industry super funds for average Australians. Wrap platforms for “above” average Australians. It’s also cheaper than SMSF’s depending on size. Courses for horses.
Would love for platforms to pay weekly, us Authorised reps have to wait for the never ending sushi train to come around to get paid.Miss the cut off of the platform by one day, wait 2 more weeks for the licensee to get paid then miss that cut off by one day wait 3 weeks to get paid.
Manage your cash flow a bit better buddy. If you’re managing week to week, that’s a problem.
May i ask, are you a one man band unalligned adviser who has grown a book organically in your 2nd year in the industry? Or have you bought a book, or are you an employee?
Yeah you’re not a good planner if you’re living week to week…