Independent superannuation and investment platform provider, Wealthtrac today signalled plans to expand and diversify its product offering in the coming year.
Wealthtrac Managing Director and CEO, Matthew Johnson, said Wealthtrac was performing very strongly against other platforms on the Oasis network and that he is working with the advisers who use the platform to identify new revenue streams.
“Since July 2011, Wealthtrac increased its FUM by over ten percent, in a market that fell by ten percent; that’s a 20 percent differential. By comparison, the FUM of our peers has fallen very much in line with the market.”
Mr Johnson said that Wealthtrac had been consulting with the adviser members of the Platform to identify new revenue streams and find ways to reduce costs for the end users.
“There is no question that advisers are still under significant pressure to find ways to run their businesses more efficiently. And clients are demanding more from their advisers in a market where investment returns andrevenue streams are under pressure. Therefore, cost reduction is imperative as is innovation to introduce new services,” Mr Johnson said.
“We have already found a number of ways to reduce end-user costs, which we will introduce in the coming months. We will also be introducing a number of new initiatives later in the year that we have identified with our advisers as future revenue streams. We will be releasing further details later this year.”
Mr Johnson said that as the advisers who use Wealthtrac have an ownership of the business, it is imperative they form part of the consultation process when making any changes to the business.
“The ownership model we have at Wealthtrac is different to many platforms, as the advisers who use it may become beneficiaries of the Trust that owns Wealthtrac. Advisers have the potential to benefit from an increase in value of the Wealthtrac platform over time. Therefore, they areintegral part of shaping the future direction of the platform.”
