Michelle Weber

Macquarie’s Banking and Financial Services group today announced its separately managed accounts (SMAs) on the Macquarie Wrap platform has passed $10 billion in funds under management (FUM).

SMAs on the Macquarie Wrap platform have experienced significant growth over recent years, with an increase from $5 billion in February 2021 to $10 billion in February 2023, doubling the size of the platform’s SMA FUM.

Michelle Weber, Head of Wealth Product and Technology for Macquarie’s Banking and Financial Services group, said an increasing proportion of flows into the Macquarie Wrap platform are being directed into SMAs as advisers leverage the value these products provide to their clients and their business.

“As a flexible investment option, managed accounts provide advisers with increased efficiencies and transparent portfolios for their clients which is contributing to their ongoing popularity,” Ms Weber said.

“The structure of SMAs means that advisers and clients have increased visibility over the portfolio. By being able to view the underlying securities and account activity, advisers and clients can remain close to the investment decisions being made,” she said.

“We’ve seen increasing popularity in our fee efficient total portfolio offering, Consolidator II Engage which has contributed over $1 billion in growth since November 2019. SMA’s through Engage provide our clients with access to a menu of SMA’s, cash, term deposits and insurance^[1], offering simplicity and transparency,” Ms Weber added.

There are more than 370 SMA models across 62 investment managers on the Macquarie Wrap platform, meaning advisers can complement their own service proposition with the expertise of other investment managers.

Ms Weber said Macquarie have a deep history in the managed accounts industry and are well placed to ensure our offering meets the needs of advisers and clients alike.

“We’re committed to our continued expansion of the Macquarie Wrap managed accounts offering and focusing on providing advisers and clients with choice and access to the latest products,” she said.

Macquarie recently added the new suite of Morningstar Medalist core portfolios to the Macquarie Wrap menu, becoming one of the first platforms in the Australian market to offer these portfolios. The portfolios bring together Morningstar’s global independent research capabilities with its asset allocation and portfolio construction expertise to deliver holistic investment solutions.

Macquarie’s SMA offering is supported by a suite of more than 800 managed funds.

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[1] Insurance is only available for clients in Macquarie Super Consolidator II – Engage and Macquarie Pension Consolidator II – Engage.

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Cameron Garrett

Macquarie has announced its separately managed accounts (SMAs) on the Macquarie Wrap platform have surpassed $2 billion in funds under administration.

Cameron Garrett, Head of Wealth Product and Technology for Macquarie Wealth Management, said the rapid increase in SMA funds under administration, which has doubled over the past year, demonstrated the strength of the Macquarie Wrap platform and the continued growth in popularity of SMAs.

“We’re continuing to invest in our wrap platform and are ensuring that we have a diverse range of investment options and products for advisers and their clients. This, combined with Macquarie Wrap’s innovative technology, scale and security, means that we are at the forefront of the platform market,” Mr Garrett said.

“The structure of SMAs means that advisers and clients have greater transparency and control when managing their portfolios. SMAs also provide significant efficiency and functionality gains for advisers, enabling them to have more high value conversations with their clients.”

Mr Garrett added, “We’re seeing that a larger proportion of flows into the Macquarie Wrap platform are being directed into SMAs as advisers increasingly appreciate the value these products provide to clients.”

Macquarie is one of the largest wrap platform providers in Australia with over 35 SMA investment managers across more than 150 SMA models. This complements a suite of more than 850 managed funds.

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The report showed that high performing firms are more likely to hire younger advisers, reach out to the adult children of existing clients and implement digital solutions such as client portals and mobile applications to drive future growth.

The second bi-annual Macquarie AFS Benchmarking Report surveyed 396 accounting and financial services firms to identify the key industry trends in a changing market.

Sherise Mercer, a Division Director in Macquarie Wealth Management, said that firms across the accounting and financial services industry understand the need to reach out to a younger client base in order to underpin long-term sustainability.

“Almost 70 per cent of accounting and financial services firms are looking to engage clients under the age of 44, however the research has shown that high performing firms are more likely to employ a range of methods to achieve this,” Ms Mercer said.

“More than 80 per cent of high performing firms are engaging the adult children of their current clients as a way to access a new and younger generation of clients, compared to 67 per cent of all firms.”

Ms Mercer said that in order to differentiate and gain a competitive advantage with the next generation, firms will be required to create a service package tailored specifically for younger clients who are in the wealth accumulation stage of their life.

However the 2018 Macquarie AFS Benchmarking Report has shown that to date, only 35 per cent of firms surveyed have implemented this type of tailored service package.

Macquarie’s AFS Benchmarking Report also showed that more than 55 per cent of high performing firms are hiring younger advisers and accountants and are encouraging them to engage their own networks in order to access a younger client base.

“Younger advisers have experiences and insights that can be of great value to firms as they look to engage the next generation of clients. They have a good understanding of what will resonate with a younger client base and recognise that these clients are not necessarily interested in the same things as their parents. They are at a different life-stage and have different financial objectives.” Ms Mercer said.

Ms Mercer added that the importance of embracing technology to underpin the client experience is particularly relevant with a younger generation of clients.

“As the next generation of clients are exposed to sophisticated offerings in other consumer-based industries, they expect a similar experience from their accounting and financial services providers, one that is seamless, personalised and rich in information.

“The report has shown that high performing firms are more likely to introduce new systems and platforms over the next 12 months that give the client accessibility and insight. These include dedicated client portals, mobile apps and data aggregation dashboards.”

The AFS Benchmarking Report is based on an in-depth survey of 396 accounting and financial advice firms, conducted in December 2017 by Macquarie’s Banking and Financial Services Group.

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David Clatworthy

The role of the financial adviser is changing as a result of increased client expectations and technological advances, according to Macquarie’s 2018 Accounting and Financial Services Benchmarking Report.

The second bi-annual Macquarie AFS Benchmarking Report surveyed 396 accounting and financial services firms to identify the key industry trends in a changing market.

David Clatworthy, a Division Director for Macquarie Wealth Management, said accounting and financial services firms need to evolve more quickly than ever before in order to deliver the level of service clients expect in a market that is rapidly evolving. Firms are doing this through engaging new technologies and systems, and personalising the client experience.

“Almost all firms surveyed believe the role of the adviser is changing,” Mr Clatworthy said.

“The findings demonstrate that personalising the client experience is key for firms wishing to differentiate themselves in the market, with clients expecting high quality relationships with their advisers that are tailored to their individual needs.”

Mr Clatworthy said the 2018 AFS Benchmarking Report showed high performing firms are investing in systems which give them a comprehensive view of the client, enabling advisers to highlight gaps in services so these can be proactively bridged and the client relationship strengthened.

Macquarie’s 2018 AFS Benchmarking Report also shows the industry has begun to form an idea of what the firm of the future will look like.

“Two-thirds of firms surveyed believe that a client centric approach is the future and will be underpinned by either a key relationship manager or by increasing the proportion of client-facing staff,” said Mr Clatworthy.

“Our findings suggest that the adviser of the future will have strong interpersonal skills supported by technology and data-driven insights, helping to drive truly meaningful client interactions.”

The report also showed that 78% of high performing firms believe that enhanced efficiencies through better use of technology is one of the most effective strategies to improve profitability in the current market.

“While many firms recognise the increasing value of technology to improve efficiencies and profits, the percentage of firms planning to invest in a new system in the next 12 months remains surprisingly low,” Mr Clatworthy said.

The AFS Benchmarking Report is based on an in-depth survey of 396 accounting and financial advice firms, conducted in December 2017 by Macquarie’s Banking and Financial Services Group.

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Cameron Garrett

Macquarie has announced its separately managed accounts (SMAs) on the Macquarie Wrap platform has exceeded $1.5 billion in funds under administration.

Macquarie is one of the largest wrap platform providers in Australia and over the last 12 months has added a further 45 SMA models to the wide SMA offering, along with 51 managed funds to its Wrap platform.

Cameron Garrett, Head of Wealth Product and Technology for Macquarie Wealth Management, said the growth in funds under administration is a testament to the extensive range of investment options available on Macquarie Wrap as well as the innovative technology, scale and security that the platform delivers.

“We’ve seen strong growth in recent years and this is largely due to the continued investment we have made in our platform. We’ve combined technology and innovation to free up the time of advisers so that they can focus on having holistic conversations with their clients.

“Through our SMA offering we’re enabling advisers to build portfolios that are both flexible and transparent. Our focus continues to be on bringing greater variety, providing deeper understanding and delivering improved client outcomes.”

On the Macquarie Wrap platform clients have access to a range of SMA models from a variety of leading investment managers, including managers added over the last 12 months such as Vanguard, Zenith and Quilla.

Mr Garrett said, “We’re pleased to build on our long standing relationship with Vanguard which is one of the largest investment managers on the platform. In launching Vanguard SMAs on Macquarie Wrap, we have become the first platform provider in the Australian market to offer this investment option to advisers and their clients.

“This launch demonstrates our commitment to giving advisers access to an extensive range of leading investment managers.”

The total number of Macquarie Wrap SMA investment managers now stands at 33 across 119 SMA models, complementing a suite of over 850 managed funds available on the wrap platform.

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Cameron Garrett

Macquarie has announced the addition of wealth accounts to its award-winning digital banking app. This enables clients to see all of their wealth holdings, including their share portfolio, investments, super and pension accounts in one place alongside their everyday banking accounts, credit cards and mortgage.

Macquarie Wrap clients can now monitor the daily movements of their Australian equity holdings, upcoming corporate actions and their portfolio’s asset allocation, as well as tracking balance history, through the app.

Cameron Garrett, Head of Wealth Product and Technology for Macquarie Wealth Management, said the addition of wealth accounts to Macquarie’s digital banking app makes managing investments simpler and more intuitive for clients.

“Clients now have access to a more intuitive representation of their portfolio, including balance history, portfolio valuation and asset allocation. Also, through integration with Macquarie’s Cash Management Account, clients can now make cash transfers and setup scheduled payments all in one place,” Mr Garrett said.

“Macquarie’s mobile banking app provides customers with the tools to efficiently manage their money, empowering them to achieve their financial goals.”

Mr Garrett said this is the latest step in Macquarie delivering innovative digital banking and wealth solutions, supporting the growing number of Australians choosing to bank using their mobile phone.

“Over recent years we’ve seen strong growth on our Wrap platform and this scale has led us to invest in a digital solution for advisers and their clients.

“We’re focusing our investment on increasing flexibility and personalisation for clients and delivering real time functionality for wealth accounts that matches Macquarie’s award-winning digital banking solutions,” Mr Garrett concluded.

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Cameron Garrett

Macquarie has announced its separately managed accounts (SMAs) on the Macquarie Wrap investment platform surpassed $1 billion in funds under administration.

This milestone comes only three years after SMAs were added to Macquarie’s platform, demonstrating the strong interest from advisers and their clients who value the flexibility and efficiency managed accounts offer.

Cameron Garrett, Head of Wealth Product and Technology for Macquarie Wealth Management, said the strong demand for SMAs was reflective of the strength of Macquarie’s platform and range of solutions.

“Macquarie’s platform brings together market leading technology and innovation, with scale and security to support advisers and clients in reaching their goals,” Mr Garrett said.

“Our focus is on providing investment options and products that make a real difference to advisers and their clients, and we’re continuing to invest in our platform to ensure we remain at the forefront of the market.

“SMAs offer significant benefits with a streamlined and consolidated approach to portfolio management, allowing clients to receive all the benefits of investing in traditional managed investments, with greater transparency and the tax benefits associated with direct share ownership

“For advisers, managed accounts offer greater efficiencies that enable them to focus on having more holistic conversations in order to deliver outcomes for clients.”

Macquarie’s platform offers an extensive range of investment options for advisers and their clients to choose from with 30 managers, 98 SMAs and 813 Managed Funds.

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David Clatworthy

Macquarie has announced the launch of its industry-leading 2017/18 Accounting and Financial Services Benchmarking Survey and is calling on financial planning and accounting firms to participate.

The second biannual Accounting and Financial Services Benchmarking Survey is designed to uncover the latest industry trends to help firms benchmark their performance against leaders and identify opportunities for growth.

David Clatworthy, a Division Director in Macquarie’s Wealth Management division, said the survey will provide insights on the key themes and emerging trends across the accounting and financial services industries, including the impact of technology and the evolving role of the adviser.

“In a rapidly evolving market, the survey results will allow practices to gain an understanding of how their business is performing and identify focus areas for the future to differentiate themselves against their peers,” Mr Clatworthy said.

The 2017/18 Macquarie Accounting and Financial Services Benchmarking Survey will take approximately 45 minutes for firms to complete, with the aggregate results expected to be released in March 2018.

By taking part in this survey, participants will be one of the first to receive a copy of the 2017/18 Macquarie Accounting and Financial Services Benchmarking Report, as well as go in the draw to win one of five Google Home prizes.

The survey is open until 1 December 2017 and should be completed by the firm’s partner, director or owner. It will be conducted by Confirmit, on behalf of Macquarie.

Participate in the survey.

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Macquarie’s Adviser Initiated Payments (AIP) enables advisers to initiate and make payments for clients quickly and seamlessly from their Macquarie cash account. Clients can seamlessly authorise payments on the go with mobile-enabled capability, speeding up the process and removing the need for paperwork.

Clients have complete visibility of the payment process and added security through a two-step verification process. Once the payment has been initiated by their adviser, clients receive a secure code via SMS, which is then verbally provided to their adviser to authorise the payment. A confirmation email and SMS is sent to the client once the transaction is complete.

Olivia McArdle, Head of Payments and Deposits for Macquarie’s Banking and Financial Services Group, said AIP gives advisers and clients more control when transacting online, representing a faster, more convenient and secure way to make payments.

“AIP delivers a much more personalised experience for our advisers, and with it being available on our online digital banking experience, clients have complete control of their finances.

“Advisers can stay up to date with their clients’ finances quickly and efficiently by managing all of their payment needs through Macquarie’s adviser portal.”

Ms McArdle said that feedback from advisers drives the new innovation and product enhancements Macquarie prioritises to help support their clients and business, and the AIP service is just one example of this.

“We work closely with advisers to understand their needs and ensure the solutions we offer help them to achieve their goals for their clients and business

“Central to our approach is our focus on continued innovation to ensure our offering remains at the forefront of the market. With one in three self managed super funds choosing to use our CMA, we’re investing significantly to build a level of functionality in our CMA that’s unparalleled in the market,” Ms McArdle concluded. 

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Cameron Garrett

Strong interest from the institutional and IFA market has seen Macquarie’s funds on platform grow 24 per cent to reach $72.2 billion in the year to 31 March, 2017.

The robust growth reflects the successful migration of ANZ Oasis wrap super and investment assets onto Macquarie’s platforms, and strong inflows from the IFA market.

Cameron Garrett, Head of Wealth Product and Technology for Macquarie Wealth Management said the result was testament to the quality of adviser and client offerings on the Macquarie Wrap and Vision platforms.

“Our focus is on supporting advisers with flexible products to suit a wide range of client needs, greater investment choices and innovative functionality to make managing their client’s investments more efficient,” he said.

“We’re continually investing in and strengthening our proposition to ensure we remain at the forefront of the market, and this approach has led to Macquarie Wrap being recognised as one of the most highly regarded platforms in the industry.

“We’re pleased the strong growth of Macquarie’s funds on platform is also set to continue, with a further $7 billion in assets set to transition onto the platform in the coming weeks.”

In the past year, Macquarie’s platform investment menu has expanded to include an additional 63 managed funds and 29 Separately Managed Accounts (SMA) models for advisers and their clients to choose from. Macquarie Wrap now offers 75 SMA models from 18 investment managers.

“The strong growth we’ve seen delivers further scale to our platform offering, and we’re looking forward to continuing to expand our investment menu, functionality and digital experience for the more than 7,000 advisers we work with, and their clients,” Mr Garrett said.

The continued growth in platform volumes, lending and deposits, as well as a gain on sale of Macquarie Life’s risk insurance business, were factors which contributed to last week’s announcement that Macquarie’s Banking and Financial Services group, part of Macquarie Group Limited, delivered an increased profit for the year to 31 March 2017.

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