Adviser Ratings ranks WealthO2 number one


Shannon Bernasconi

WealthO2 has been ranked the number one investment platform in terms of ongoing adviser support, and the number one provider in terms of investment options, in the latest Adviser Ratings 2020 Australian Financial Advice Landscape report.

The Adviser Ratings report is an annual study of the Australian financial advice industry that includes a ranking of various attributes of the investment platforms and industry service providers.

WealthO2 was also voted in the top three, out of 20 providers, in net promoter scores and number three in overall functionality.

WealthO2 CEO and founder, Shannon Bernasconi says the report shows that advisers are voting with their feet.

“The demise of the vertically integrated institutional model of financial advice means independent financial advisers can, for the first time, access increased margins and a lower cost of advice for their clients.

“The next decade will be one where advisers have the opportunity to choose their own destiny, while also improving the efficiency and service they offer to clients, all at a lower cost.

“We are already seeing this shift underway, with a growing number of advisers voting with their feet and moving away from the older legacy platforms.

“WealthO2 was launched in 2016 to bridge the gap in the advice led technology available to advisers in the marketplace. It is designed on a unconflicted fee for service basis, putting the pricing power, the control of the narrative, the client communications, and the scale/efficiency back in the hands of the advisers, as well as removing the fee leakage of the current product led legacy platforms.”

She said that the combination of the findings of the Royal Commission and a continuously changing regulatory environment has seen the incumbents pushing resources into compliance rather than innovation.

“Some institutions have exhibited no real appetite to adopt or realise the benefits of modern technology – and advisers and their clients forced to use these laggard platforms have suffered.

“Others have engaged global software solutions to support new platform offerings, however these offerings have not been focussed on advisers’ needs. Instead, other revenue bias features have diverted the attention of these institutions and as a result advisers’ needs – and ultimately their clients’ needs – have been sidelined.

“At the same time, legacy platforms haven’t kept up with the latest developments in technology, leading to a higher cost of operation that is often recouped through hidden or layered fees.”

Ms Bernasconi says the WealthO2 offering adopts a naked pricing approach that has proven popular with advisers.

“We listen to advisers and what’s important to them. We have no other revenue source, no cash or investment clipping and hence we have a singular focus that propels our roadmap and our service culture”.

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