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More than 20 organisations from across the financial planning industry have collaborated to provide an agreed standard for the transmission of model portfolio data.
Write comment (2 Comments) " ["fulltext"]=> string(1749) "The model provides a data standard for the sharing of model portfolio data, including file format, model components, security code definition and model movement, said chair of the Institute of Managed Account Professionals Toby Potter.
Over 20 participants from platforms, licensees, research houses, asset consultants and fund managers formed the Data Standards Group, participating in workshop meetings and supplied content and documentation on their own processes.
Participants in the Data Standards Group included AMP, APIR Systems Limited, Bennelong Funds, BT, Colonial First State, Copia, Elston Asset Management, Financial Express, Franklin Templeton, HUB24, IMAP, IOOF, IRESS, Macquarie, Morningstar, NAB Asset Management, Netwealth, Praemium, Schroders and Zenith Investment Partners.
The group has been meeting for more than 12 months in order to deliver efficiencies.
Mr Potter said the cost and efficiency savings promised by managed accounts were at risk of being eroded by back office system incompatibilities, and investigations revealed that all parts of the industry reported similar difficulties meeting these proprietary data requirements.
He added that, while not binding, the standard provides an incentive to prevent further proliferation in proprietary specifications.
“This working group has been tremendously effective at working together to bring greater efficiency to the market we work within,” Mr Potter said.
IMAP has plans to extend their work to define a series of standards for reporting on shadow weights, FUM reports and naming conventions.
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Write comment (0 Comments) " ["fulltext"]=> string(2380) "The ETF model portfolios available on the Praemium platform include a range of risk-based ETF model portfolios – moderate, balanced and growth – aimed at pursuing optimal capital efficiency over a long-term horizon, and an objective-based model portfolio, which will provide investors with an income-focused solution, according to a statement.
State Street Global Advisors said its suite of risk-based ETF model portfolios were constructed based on risk tolerance in order to achieve market exposure across equities, including multi-factor smart beta and fixed income markets.
Further, it said the objective-based ETF model portfolio focuses on multi-asset class allocation to diversify across income sources, meaning that in a low growth, low interest rate environment, investors can still generate income in a simple and cost-effective way.
Praemium’s managed accounts platform is the first one offering State Street’s suite of ETF model portfolios.
Head of SPDR ETFs, Australia and Singapore, Meaghan Victor said its partnership with Praemium opens up its ability to bring institutional quality and professional funds management to more investors.
"The combination of ETFs and no investment manager fees on our model portfolios means that we can provide cost conscious solutions,” Ms Victor said.
“Praemium’s next-generation integrated managed account platform offers advisers the ultimate flexibility to tailor solutions to their entire client base on a single
platform."
Praemium head of product and marketing Mat Walker said it's focused on providing its advisers and clients with access to the greatest choice of quality investment portfolios and broadest range of assets from high-calibre, reputable investment managers.
“With no investment manager fee on their separately managed accounts (SMA) models, the State Street portfolios not only provide a breadth of choice for our advisers but offer a cost-efficient solution that is becoming increasingly important in the current environment for both advisers and their clients," Mr Walker said.
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Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#5633 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-09-05 01:40:34" ["created_user_id"]=> string(4) "1090" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5585 (3) { ["data":protected]=> object(stdClass)#5442 (1) { ["options"]=> object(stdClass)#5589 (2) { ["options0"]=> object(stdClass)#5590 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#5586 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5587 (3) { ["data":protected]=> object(stdClass)#5593 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "0" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(7) "Digital" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(61) "/news/26878-state-street-etf-portfolios-available-on-platform" ["image"]=> string(34) "images/News/Meaghan-Victor-ifa.jpg" ["image_alt"]=> string(14) "Meaghan Victor" } [2]=> object(stdClass)#5464 (59) { ["id"]=> string(5) "26879" ["title"]=> string(42) "FASEA reveals course and diploma approvals" ["alias"]=> string(42) "fasea-reveals-course-and-diploma-approvals" ["introtext"]=> string(365) "The Financial Adviser Standards and Ethics Authority has confirmed it has approved a number of graduate diplomas and bridging courses from higher education providers.
Write comment (6 Comments) " ["fulltext"]=> string(84359) "The graduate diplomas and bridging courses are requirements for existing advisers to meet the education standard across the existing adviser pathways as defined in FPS001 Education Pathways Policy, FASEA said in a statement.
It said the approval is recognition of the alignment of the listed programs and courses with FASEA’s required curriculum and standards.
The courses and diplomas will be added to FASEA’s Degree, Qualifications and Courses legislative instrument.
“The release of the approved list of bridging courses and graduate diplomas gives advisers a clear pathway to meet the education standard by 1 January 2024,” said FASEA chief executive Stephen Glenfield.
FASEA has approved current and historical graduate diplomas and bridging courses for the following higher education providers:
Source: FASEA
The Financial Adviser Standards and Ethics Authority has confirmed it has approved a number of graduate diplomas and bridging courses from higher education providers.
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Write comment (0 Comments) " ["fulltext"]=> string(2059) "Kaplan Professional chief executive Brian Knight said financial advisers are starting to think more about what their business is going to look like in the future and what kinds of clients they’re going to service, which has seen a growing interest in education focused on automation and technology.
Mr Knight said that while financial advice has traditionally been predominantly focused on older Australians, there has now been a bit of a shift, with some advisers considering what younger clients might want in terms of advice services.
“The adviser of the future needs to start thinking about what their business is going to look like in the future and what people are going to want in the future,” he said.
As a result, the education provider is receiving a lot more inquiries from advisers wanting to understand more about data science, automation and how to integrate artificial intelligence into their business.
“Areas such as fintech, regtech and data analytics will play an important role in the longer term,” Mr Knight said.
One of the other areas that advisers are looking to develop their skills in is training and developing employees, he said.
This is in response to the FASEA standards and the exodus of older advisers that’s expected to occur.
If the rate of older advisers exiting the advice space does increase, advice firms will have to rely more heavily on recruiting and developing graduates and younger advisers to fill these roles, and some firms are looking to prepare for this in advance, he said.
Advisers are looking to gain skills in how they develop and train graduate advisers, and to do this in the most effective way possible.
“Skills such as mentoring, guiding and teaching may become an area that advisers want education on so that they can actually train and develop these [new entrants],” he said.
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