Affinity and Redgum integrate MDA service
Managed discretionary account operator managedaccounts.com.au has launched services with two boutique financial advisory firms.
Sydney-based Affinity Wealth Services and Melbourne-based Redgum Wealth Group have both integrated the MDA solution into their businesses.
Affinity Wealth Services - which spun out of AMP-owned dealer Hillross in 2009 - signed with managedaccounts.com.au in January and will transition around $180 million into the new MDA solution over the next 12-18 months.
The firm has approximately $350 million in assets under advice and employs 24 staff across its wealth management, financial planning and accounting businesses.
The firm’s new MDA solution allowed it to focus on the delivery of quality service and advice without being distracted by back-office administration, Affinity Wealth Services principal Keith Jones said.
“We looked at a number of different administration systems as well as virtual platforms and we chose the managedaccounts.com.au structure because it suits how we manage money and delivers greater transparency, accuracy and flexibility,” he said.
Redgum Wealth Group is also currently rolling out the service to its 200 clients.
Principal Mark McLennan said he expected the new service to reduce the group’s administration workload and allow for greater time and resources to be spent on enhancing its investment research and portfolio management capabilities.
“We started to experience capacity constraints because previously every individual client portfolio had to be handled separately,” he said.
“With this system, we’re more efficient and productive.
“We can still individualise client portfolios and the business can continue growing at a steady pace.”
Redgum employs nine staff, including four advisers, and has over $200 million in assets under advice.
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