John McMurdo
After a rigorous market review Fitzpatricks Private Wealth, one of Australia’s largest privately-owned licensees with over 75 authorised representatives, has selected leading financial services firm HUB24 (ASX:HUB) as its platform and technology partner, to deliver a managed portfolio solution for their current MDA and a new administration solution for advisers across their network.
Fitzpatricks is a national advisory and wealth management firm that provides premium private wealth advice to successful individuals and families. Fitzpatricks has been providing managed account solutions to clients for more than 15 years.
In announcing the selection, John McMurdo, Fitzpatricks’ Group Managing Director said: “After completing an extensive and rigorous review of all options available in the market we chose HUB24 as our partner, not only for their market-leading product capability, but also for their focus on customer service and their ability to deliver a customised solution, in an efficient timeframe.
“The advanced managed portfolio functionality available on HUB24 allowed us to replicate our MDA offer to provide a sophisticated solution for our advisers and their clients.”
HUB24 has built a tailored solution that offers advisers access to the Fitzpatricks range of managed portfolios, plus a broad range of other investment choices.
The Fitzpatrick’s Private Wealth MDA will be replicated via the market-leading managed portfolio functionality on HUB24, including the recently launched Progressive Portfolio Implementation (PPI) tool, which allows portfolio managers to allocate new inflows differently in anticipation of highly probable portfolio changes and may help enhance performance and deliver tax efficiencies for investors. The MDA which currently has funds under management (FUM) of over $700 million is planned to transition to HUB24 by late 2018.
Advisers will also benefit from the new ‘ConnectHUB’ functionality which will deliver historical performance reporting on their clients’ portfolios sourced from other product providers.
Andrew Alcock, Managing Director of HUB24, added: “We’re delighted to be working with Fitzpatricks to deliver a tailored solution across multiple product structures including MDA, IDPS and Super in a short period of time.
“Fitzpatricks is highly regarded in the market as one of Australia’s premium private wealth advisory firms and is known as an early pioneer in the managed accounts space.
“Licensees and advisers are increasingly searching the market looking for advanced platform capabilities and flexible technology solutions. Our market-leading technology and ability to deliver a customised solution efficiently and cost effectively sees us ideally placed to meet their requirements.’’
HUB24 is the market-leader in terms of adviser satisfaction and managed portfolio functionality, and in a recent survey by Adviser Ratings HUB24 topped the polls in terms of adviser net promoter score.
