The amount of time saved by advisers adopting managed account services translates to a potential increase in annual revenue of $45,000, according to new research from BT Panorama.
A report conducted by the platform provider in conjunction with research house Investment Trends found that advisers using managed accounts save an average of 14.4 hours per week on administration and compliance tasks.
These time savings allow for more time to be spent on business development and meeting with clients, the reports said, and the increased ability to service clients could allow advisers to generate an additional $45,000 per annum in fees.
“The findings demonstrate why the take up of managed accounts is growing so rapidly,” said BT national manager of product development Russell Brinckley.
Both the use of managed accounts by advisers and the intention to recommend managed accounts saw increases in the last year by 22 per cent and 20 per cent respectively, the report found, with many advisers offering managed account services to more clients.
“Despite historic perceptions that managed accounts are the domain of high net worth (HNW) clients, advisers are increasingly seeing opportunities for managed accounts among their broader client base,” Mr Brinckley said.
“We think managed accounts are the natural next step in practice efficiency, providing advisers and licensees the opportunity for scale, to be more nimble and to deliver more personalised advice to more clients.”
An adviser association has warned that costs charged to the industry by ASIC could blow out even further under proposed legislation for the single dis...
Super funds are looking at digital advice as a must-have as they scramble to retain older, wealthier members leaving for SMSFs, an industry technology...
The corporate regulator has warned of surging numbers of crytpocurrency-related scams recruiting investors through seemingly legitimate news stories. ...