Netwealth has struck a private label deal with Fortnum Financial Advisers that will see those advisers get access to a suite of SMAs managed by Innova Asset Management.
The new service extends Netwealth's partnership with Fortnum, which is already receiving a range of services from the platform provider. Last year, formerly Netwealth-owned dealer group Financial Planning Services Australia (FPSA) had merged its operations with Fortnum to create a new licensee offer.
The latest deal is one of at least five private labels Netwealth has in the making, with details of the others to be announced the end of Q1 2016, the company said in a statement.
Netwealth joint managing director Matt Heine said: "We are really pleased to further strengthen our relationship with Fortnum which already includes platform, financial planning software and compliance services to the broader Fortnum Group of 54 principal practices and 130 advisers servicing approximately $3.4 billion funds under advice.
"Our managed account service continues to gather momentum with strong support from clients across different segments of the market, including strong interest from traditional stockbroking and investment firms," Mr Heine said.
Meanwhile, Innova Asset Management director Dan Miles said Netwealth's history in delivering solutions to the IFA market "aligns perfectly to what we want to achieve for both our advisers and clients".
Fortnum managing director Joel Taylor added that "the combination of Innova's Dynamic Asset Allocation framework with one of Fortnum's preferred (and award-winning) platform partners in Netwealth promises to be a powerful proposition for clients and advisers alike".
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- 15 Nov 2018ASIC flexes its muscles at independent advisersBy James Mitchell
- 15 Nov 2018FPA hands down $50,000 fine on Sam HendersonBy Adrian Flores
- 15 Nov 2018Adviser reviews critical to client retentionBy Adrian Flores
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- view all