MyPlanner IMA arouses adviser interest

31-Aug-2015

By Kristen Crawford

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The individually managed account (IMA) model launched jointly this month by non-aligned financial services firms MyPlanner, Implemented Portfolios and netwealth has seen a strong uptake, with 12 advisory businesses registering for the service in the first two weeks.

MyPlanner managing director Philippa Sheehan told financialobserver last week that following the launch of My Managed Portfolio (MMP), the groups had run advice master classes across the country, mainly on the east coast, which had been booked out.

“That’s fantastic because it means we’re starting to see that advisers are trying to engage clients differently and ultimately that clients want to be engaged differently,” she said.

“The next generation of clients seeking financial advice, which is your gen Xs, are not wanting to be told, ‘this is what you’re getting’ as far as an investment piece goes in a financial planning process. They want to be involved in it.

“[MMP] would allow advisers to engage their clients in some of their wants, and liaise directly with an investment manager to come up with a solution completely customised to the client’s situation.”

Sheehan said businesses that signed up had to attend a master class.

“We see it as a different way to deal with clients, therefore there needs to be an education piece around it, hence the reasons I think workshops are fully booked out,” Sheehan said.

“There is obviously a need within our network of independent financial advisers for this style of investment piece, and we’ve already got a whole heap of applications coming in from your retail investors, to straight investment and self-managed super funds.”

MyPlanner had been seeking an administration platform that was not vertically integrated as part of the initiative, Sheehan said.

“Netwealth had made some moves in that regard, so we’re obviously very happy, and it did not have some of the legacy issues that perhaps some of the other more traditional platforms had,” she said.

“In relation to Implemented Portfolios, our cultures aligned very well, and they have been essential to making this work for our group.”

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