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MyPlanner offers managed fund alternative

Dealer group MyPlanner has unveiled a new managed account service as a low-cost alternative to managed funds and platforms.

In a statement, MyPlanner announced its advisers would have access to a managed discretionary account administered by Managed Accounts Holdings Ltd (ASX: MGP).

MyPlanner managing director Philippa Sheehan said the fund offered an economical option to advisers seeking a managed investment strategy.

“There are many different products and platforms on our approved product and service list, and the MMP Managed Account Service is an alternative for advisers who believe the cost of platforms and managed funds is too high and not worth it,” she said.

“Many of our advisers say it’s increasingly hard to justify the cost of investing in funds and administering portfolios via a wrap platform.”

According to the statement, implementing the new service will involve establishing an eight-person investment committee and constructing 23 managed portfolios, including five managed fund-only portfolios.

“The portfolios are managed by four professional investment managers: Joseph Palmer & Sons, DFS Portfolio Solutions, Endeavor Asset Management and Beulah Capital,” the statement said.


Ms Sheehan suggested boutique fund managers could compete with the larger players.

“This process has demonstrated that we don’t need to solely rely on big brand fund managers because there are many boutique Australian-based managers who can construct and manage robust investment portfolios focused on client outcomes,” she said.

According to Ms Sheehan, the product would be a good fit for advisers uninterested in managing investment portfolios.

“Some of our planners don’t have the time, experience or desire to build portfolios, and licensees don’t want the risk and compliance headache associated with inexperienced advisers trying to manage portfolios,” she said.

“Clients, however, want a more direct, transparent, flexible and transparent service.”