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Powerwrap platform funds exceed $1 billion

Funds on the Powerwrap Limited platform rose above the $1 billion mark during October, off the back of demand from financial advisers.

The independent financial services company’s initial offering, the Powerwrap Investment Account, consisted of a single, consolidated investment account with custodial holdings for managed investments and non-custodial holdings of direct equities and cash.

The Powerwrap offering has now expanded to include superannuation or pension accounts with full administration and execution services, access to over 200 managed funds with a further 1,000 available on request, and an SMSF accounting and audit service.

Powerwrap Limited has also recently launched an execution-only MWH transaction account with no FUM-based fees.

Powerwrap chief executive Cormac Heffernan said the company has worked hard to develop “a comprehensive suite of product to meet the needs of financial advisors”.

Mr Heffernan said advisers have the flexibility to use as little or as much as they require from a full-service offering to execution only.

“This strategy has proved a successful one; we are starting to see some real momentum and it is satisfying to see growth in all areas of our business,” he said.

Mr Heffernan said the company acknowledged those financial advisers who adopted Powerwrap early on.

“They recognised the possibilities from the very early days and have collaborated with us to shape the Powerwrap of today, a real alternative to the bank-aligned platforms in the market.”