There has been a "revolution" in platform technology around managed accounts in the past couple of years, according to non-aligned financial services firm Stanford Brown.
Speaking exclusively to ifa, Stanford Brown chief executive Jonathan Hoyle said recent developments in platform technology for managed accounts have been a factor in its decision to establish a private-label deal with platform provider Netwealth.
"Over the last two years, there has been a real revolution in platform technology, and that revolution is around managed accounts," Mr Hoyle said.
"We thought Netwealth's technology was the best in the market and also ... they're a well-capitalised business with a long history.
"This is a technology play which will allow us to have money management solutions for our clients at a lower price point," he said.
ifa reported last week that Netwealth had announced a private-label deal with Stanford Brown that will provide Stanford Brown clients with managed account portfolios run by the firm's internal investment committee.
Speaking earlier at Stanford Brown's Investor Insight Series, Mr Hoyle reassured investors that Netwealth is a significant company, not just a fintech start-up.
"The amount of money we manage is too big to do anything significant until the technology is proven beyond doubt," he said, "but it has been proven beyond doubt, and we are very excited and we're very comfortable with the new platform technology that Netwealth will bring us."
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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