David Storm

In a market first, Spitfire will go to market with no tiered administration fees on Spitfire’s new IDPS product.

Spitfire Corporation is an innovative technology firm providing a contemporary total wealth and digital platform for the financial services industry.

Spitfire’s new rate card, introducing a flat dollar account keeping fee of $495.00 per annum, will be launched simultaneously with its new IDPS platform in April.

In commenting on the new IDPS product David Storm, Head of Distribution for Spitfire, said “Spitfire is ideally positioned to create ‘clean products’, unencumbered by conflicted, legacy financial arrangements that are not in client’s best interest.”

David Storm also notes “we find advisers are increasingly looking for a Platform solution that enables them to create a customised managed account solution across any asset, in any market. Our internal trading desk facilitates an ‘end-to-end’ user experience across global markets with live execution.”

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David Storm

Australia’s newest bank, Volt Bank (Volt), and wealth management platform, Spitfire, have formed a technology alliance that will set a new standard for banking and wealth management integration.

Under the agreement, the Spitfire platform will manage Volt’s soon to be launched deposit products, further cementing its position as a ‘one stop shop’ for investors seeking the full gamut of asset options.

Customers who bank with Volt and manage their investments with Spitfire will have the ability to view and trade all their assets via a single portal, creating a seamless experience. This includes viewing and trading global assets, connecting Australian investors to an array of offshore yield options in real-time.

Volt Co-founder and CEO, Steve Weston said: “Spitfire and Volt share an ambition to improve their customers’ lives through technology. This partnership will contribute to a seamless and transparent investment experience and better connect Australians to international opportunities.”

“Volt isn’t constrained by legacy systems that have stifled innovation at incumbent banks and as we approach our customer launch, partnerships like this help us show Australians there is a better way to manage their money and achieve their financial goals,” he continued.

Spitfire was established in 2015 as a multi-asset, multi-currency investment platform across equities, managed accounts, managed funds, fixed income, and unlisted assets.

Head of Distribution at Spitfire, David Storm said: “Spitfire is changing the game in wealth management, and our cloud native platform will deliver unmatched transparency, flexibility and functionality to Volt’s customers in a secure environment.”

“This partnership is a tremendous step in bringing wealth management into the 21st Century, and in allowing planners and advisors to act in the best interests of their customers,” he continued.

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David Storm

OneVue will play a lead role in industry education on the rapidly growing managed accounts sector. The wholesale superannuation solutions provider yesterday announced it has renewed its sponsorship of the industry’s peak body, the Institute of Managed Account Providers (IMAP).

OneVue head of platform strategy, sales and service David Storm said: “It’s important for us to work with groups such as IMAP and take a leadership position in the promotion, participation and education of managed accounts.”

According to Storm many advisers have expressed an interest in managed accounts, but are daunted by the range and complexity of products available.

“Many advisers struggle with managed accounts as they don’t have experience with them, but those who do, say more transparency, less admin and accessibility are reasons for use.”

“Managed accounts aren’t just marketed at high-net-worth individuals as they were in the mid-1990s, they now target the average investor,” Storm added.

The managed accounts space is now valued in excess of $15 billion, and considered a significant part of the retail investor market.

IMAP chief executive Toby Potter said he was thrilled to have OneVue’s support as the industry evolves.

“As with many other areas of the advice industry, there is considerable uncertainty about the future shape of regulation.”

“IMAP will play a key role in the coordination of the industry’s response to regulation, and having sponsors like OneVue to work alongside is increasingly important.”

In the coming months IMAP will launch the first managed accounts directory which will be a comprehensive listing of Australian participants.

“Our aim is to bring together advisers, managers, platforms and other managed account service providers to help build a better industry faster,” Potter concluded.

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David Storm

Self managed super fund (SMSF) clients are rapidly turning to specialist admin providers, new figures reveal.

According to the OneVue/Investment Trends 2014 SMSF Accountant Report, an extra 35,000 SMSFs started using a specialist provider in the past 12 months.

“Last year it was estimated that 115,000 SMSF trustees utilised the services of SMSF administrators,” OneVue head of platform strategy, sales and service, David Storm said.

“This year there’s been a 30 percent increase, with SMSFs indicating the key reasons are ease of use, low cost and admin efficiency.”

The report meanwhile, found accountants are increasingly considering changing software providers, with 13 percent of those interested in doing so, thinking of progressing to a cloud-based product.Storm said the move to non-installed software solutions is greatly accelerating the delivery of cloud-based accountancy services, which is carrying over to the SMSF sector.

“Of the accountants who indicated a desire to transition, 61 percent stated they’re looking to move to a cloud-based solution in the next 12 months.”

“We believe the ability to allow both the trustee and the accountant to view asset details daily and online, has strong appeal and will continue to drive platform growth in the SMSF sector.”

“OneVue is committed to platform development aimed at SMSFs, and will continue to enhance our current capability.”

Although fees are universally seen as a major barrier for SMSFs using investment platforms, 57 percent of accountants surveyed said they’re appropriate to manage client portfolios.

The top three reasons are consolidated reporting, access to wholesale funds and rates and easier administration, while the common drivers towards a particular platform are good reporting, ease in managing and familiarity

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OneVue head of strategy, sales and service David Storm said an additional 23 per cent of SMSF accountants indicated that they wanted to offer such a solution in the next 12 months, with 47 per cent saying they were interested in doing so in the next few years.

“The report revealed that the perceived benefits of offering an online solution include greater administration efficiencies, accessibility and improved client interaction, as well as more timely information,” Storm said.

“For those not interested in providing such a solution, the main reasons were assurance of data security, cost and lack of client demand, however one in four said they would reconsider if they were assured data was secure.”

Storm said as the $532 billion dollar SMSF industry continues to grow so does the importance of online solutions that reduce administrative tasks and provide greater efficiencies to clients.

“OneVue specialises in providing SMSF solutions to advisers, accountants and other intermediaries and third parties, and they increasingly tell us that online capabilities that lead to greater client interaction and satisfaction is vital in remaining competitive in this digital age,” Storm said.

“Investors are becoming more demanding. They want real time solutions. They want figures updated all the time.

“One of the big pushes we’ve seen in the SMSF sector has certainly been around cloud based computing solutions, particularly when it comes to administration efficiencies, greater accessibility and providing more timely information.

“Cloud based services enable SMSF professionals to share information and data with clients more readily and provide real time access to investment valuations which is an extremely valuable service advantage.

“Everyone catering to the SMSF industry right now is trying to stay ahead of the pack in terms of the provision of online technology solutions, with some of the larger institutions spending millions of dollars to update legacy systems so they can in effect catch up to those leading innovation.”

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Storm will work with existing sales executive Stephen Karrasch to broaden the OneVue distribution footprint in the intermediary market, with the adviser services and self managed super fund (SMSF) solutions teams now reporting to Storm.

The appointment comes on the back of OneVue merging its strategy, sales and service teams that oversee OneVue’s direct to consumer and adviser platform offerings which increasingly correlate and provide greater avenues to deliver more robust scaled advice options to the end investor.

“A key consideration in merging the teams was the increasing synergies between the two channels and that many of our clients are starting to recognise the potential of leveraging these different offerings to optimise their own suite of services,” OneVue chief executive Connie Mckeage said.

“David has a strong track record of delivering and exceeding targets, and tailoring propositions to suit the SMSF and self-directed markets, which OneVue is heavily concentrated on.”

Prior to OneVue, Storm held roles at organisations including Ord Minnett Asset Management where he was key account manager and Advance Asset Management where he was state manager for New South Wales and the Australian Capital Territory.

He also worked at Citibank Wealth Management where he was head of financial planning and Citicorp Investment Limited where he was regional business manager.

“David has an intimate knowledge of the SMSF industry which is particularly important for OneVue and he has a strong understanding of the adviser market at individual and dealer group level,” Mckeage said.

“In order to prepare for OneVue’s upcoming IPO, I’d also like to announce that former head of strategic partnerships Brett Marsh has accepted the role of chief financial officer.”

Mckeage added that as the landscape of the financial services industry continues to change, it is vital that OneVue transforms and evolves with it.

“As we enter a new stage of our business lifecycle I am looking forward to what lies ahead and to continuing to work with existing and potential clients and partners to create real value in a new world.”

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