WealthO2 hits record FUA as advisers vote with their feet


Shannon Bernasconi

Adviser platform alternative WealthO2 has passed the $2 billion mark in funds under administration, reflecting the growing demand from advisers for a low cost fee for service, unconflicted, adviser platform alternative.

Shannon Bernasconi, CEO, WealthO2 says in the wake of the COVID-19 pandemic, the fees clients pay for personal advice, platforms and investment are under even more heightened scrutiny as asset levels have fallen.

“WealthO2 is the fastest growing adviser platform solution on an FUA basis, achieved during the midst of the COVID-19 uncertainty in markets. This growth is as a result of financial adviser demand for a conflict free investment platform model, and comes off the back of the unprecedented structural change in the advice industry,” she says.

“Wealth management practices want efficiencies and savings through technology, with the expectation that software and platform providers will act transparently and with integrity.

“FASEA’s Code of Ethics puts the onus on advisers to remove conflicts and act in best interests of the client. Products should be used as an output of good advice, and all the providers in the value chain, such as platforms and fund managers, should be paid a fee directly based on their value-added services.

“WealthO2’s naked pricing approach of the platform appeals to advisers, as it strips out fees exchanged between third parties in the value chain of advice, and discloses only those fees payable by a client on a clean basis, void of revenue bias or conflict.

“Advisers and advice, not products, are the essential lead in the wealth value chain, and the ability for technology and service providers to help advisers deliver lower overall fees to clients whilst making more profit decently will go a long way in securing the best possible outcome for clients,” Ms Bernasconi says.

The strong growth follows WealthO2’s recent launch of the WealthO2 Academy – which supports adviser education on the new features and provides CPD points for the training, the introduction of a new rebalance functionality – which provides further flexibility in the execution for market conditions or client best interest purposes, the appointment of Matthew Done as chief technology officer and the release of WealthO2’s new digital meeting tool which was launched in response to adviser Covid-19 demand.

A rollout of further enhancements and features will be delivered during 2020, making it even easier to access the benefits of the adviser platform alternative.

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