The integration delivers a more seamless service to advisers and will increase their productivity.

AdviserNETgain combines client, practice and advice management processes into one easy-to-use system that integrates advisers’ front and back office.

The integration sees:

• Direct movement of data from BT Wrap to AdviserNETgain leading to a more reliable and accurate transfer of data. This eliminates the need for advisers and other personnel to spend time updating data when generating portfolio reviews
• A single log-on meaning users logging on to AdviserNETgain are automatically logged on to BT Wrap
• The ability to move immediately from viewing a client’s details on AdviserNETgain to viewing the same client’s details on BT Wrap – without having to search for the client

Details on fees and transaction summaries from BT Wrap automatically inserted into advice documents generated by AdviserNETgain. National Manager of AdviserNETgain, Darelle Jenkins, said the integration was another significant step in improving advisers’ productivity and enabling advisers to provide timely and accurate service and advice to their clients.
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“AdviserNETgain is an important tool available to BT Financial Group’s aligned dealers. This major integration provides advisers with accurate, up-to-date information and effortless access to BT Wrap. The more up-to-date information AdviserNETgain has access to, the better clients can be served.”Head of BT Wrap, Chris Freeman, said.
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BT Wrap users would be well-served by the improved integration between the systems.
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“Many advisers who are currently using AdviserNETgain have portfolios in BT Wrap. This integration makes providing advice and ongoing service to clients with BT Wrap holdings extremely efficient.”

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Commenting on the repositioned HUB24 IDPS, INQ and HUB24 CEO Mr Darren Pettiona said “HUB24 supports the great majority of FOFA reforms, particularly the intention to improve fee transparency and remove potential conflicts. In anticipation of the implementation of FOFA, HUB24 has for some time planned to reposition its offering and is pleased to announce it aims to restructure its Investment Service into an IDPS. Initially, operating as a full Managed Discretionary Account service (“MDA”), we now view this operating structure as carrying higher regulatory risk, with less consumer protection than that envisaged by ASIC.

“HUB24 already provides a wide range of financial and investment products, particularly separately managed accounts and we continue to broaden the offering with several superannuation and insurance initiatives being finalised.

HUB24 continues to enjoy many marketplace advantages, as it is one of the few multi-purpose wealth management platforms that have been built in Australia from the ground up in the last ten years. In doing so, it provides professional financial services practitioners with state of the art technology and the delivery of higher service standards.

Furthermore, HUB24 stands alone as a competitive market offering, with full fee transparency and is by design not ‘propped-up’ by shelf space remuneration from portfolio managers.

As a result, HUB24 is ideally positioned for ‘scaled advice’ and has the ability to enable financial advisers, brokers or accountants to provide advice in response to an individual’s singular need should it be required for investment, superannuation or insurance protection cover.
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All of these services and products are already catered for within the HUB24Investment Service.

HUB24’s new legal structure will alleviate many issues, including:

• The requirement to include an investment program in an MDA contract, which can be problematic and practically difficult to comply with in terms of business processes for advisers and for HUB24;
• Enhancing retail protection by ensuring a higher level of disclosure to clients on the underlying investments, with both financial advisers and model portfolio managers obligated to provide disclosure documents relating to the investments accessed via the Service;
• Better supporting the business processes of Adviser Groups, which are already set up for Statement of Advice (“SOA”) infrastructure; and
• Relatively expanded flexibility within the legal structure, which accommodates HUB24’s state of the art technology and INQ’s future future strategic objectives.

In outlining HUB24’s FOFA position benefits, Pettiona listed the following key advantages that will be most attractive to dealer groups and financial advisers concerned with issues in relation to volume rebates and conflicted remuneration:

• The HUB24 Investment Service is competitively priced and provides for Adviser Groups to charge a ‘fee for consultation services’ and the cost of the‘accessible investment offerings’ are delivered at a desired, affordable price and thus allow for quality of advice.
• Increased flexibility, in terms of fee structuring design, which in turn is designed to better cater for the advisers-client relationship, particularly benefitting transparency and affordability.
• The Client and Adviser Workbench facilitates communication and on-going service to the client and significantly reduces many of the adviser’s administrative activities – and in doing so, the adviser has more productive time and resources for enhanced client servicing activities and business growth.

Two new dealer groups added

HUB24 is also pleased to confirm the addition of Premium Accounting Group and Spectrum Wealth Advisers to HUB24’s rapidly growing list of dealer groups.

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Brenton Tong, Head of Strategy for Spectrum Wealth Advisers said, “Spectrum has grown to nearly 100 advisers on a foundation of understanding that each individual practice is unique and off the shelf generic support is inappropriate to their needs in the rapidly evolving financial services marketplace.”
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“Spectrum required a platform that is capable of facilitating Spectrum Wealth’s growth objectives whilst providing our advisers the freedom to operate their practices in line with their individual operations and HUB24 filled the mandate better than any other – and by a long way!”
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Pettiona concluded, “HUB24 is one of the only platforms that doesn’t charge ‘shelf space fees’ to fund managers or offer rebates to dealer groups and in doing so, is perfectly positioned to assist our clients to address pending changes forecast in FOFA.
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“HUB24’s unique structure is enabling dealer group clients to build sustainable revenue streams and participate within the manufacturing process with no legacy constraints. Moreover, HUB24’s technology lead, empowers advisers to utilise the latest in mobile technologies, such as an iPhone app.”

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To achieve economies of scale dealer groups are rapidly expanding via acquisition

ASIC is targeting aggregator licensees to ensure they maintain advice quality

Strategy Steps is meeting growing demand for scalable solutions such as outsourcing

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A regulator focus on rapidly growing financial planning aggregators and on new training and assessment standards for financial advisers has led to a call for financial planning groups to consider quality outsourced technical and financial planning strategy solutions.
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Assyat David, Director of Strategy Steps, said that financial planning aggregators are looking to grow via rapid acquisition of advisory businesses, a trend that has attracted the attention of regulator, the Australian Securities and Investments Commission (ASIC), which has said it will target these groups to ensure advice quality is maintained.
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“There’s a justifiable fear that rapid acquisition activity may distract financial planning groups from their core business of servicing clients due to the difficulties of ensuring that support services keep up with the size of the group and in turn compliance obligations may be breached, putting licence conditions at risk,” Ms David said.
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“The increasing compliance burden is a challenge for advisory groups but also means individual advisers may need assistance to offer clients the most up-to-date information on legislative changes and relevant financial planning and technical strategies,” she said.
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The regulator has also announced proposals for a new training and assessment framework for financial advisers which, if implemented, would mean all advisers may have to pass a financial services competency certification exam and undertake a Knowledge Update Review every three years on changes to laws, market issues, new products and professional development requirements.
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“New training and assessment standards will raise the bar for financial advice, but will also place added pressure on advisory groups,” Ms David said.
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Ms David says regulatory and compliance pressures and a move to fee for service are prompting advisory groups to consider an external outsourcing solution to ensure support services keep up with the needs of the group and to offer timely, client-focused financial planning strategies.
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Strategy Steps’ own Desk Caddie package offers timely legislative and technical updates; as well as practical step-by-step financial planning strategies. Importantly, the package also contains ideas on how financial planners can use current strategies to generate new business and marketing opportunities.
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“Top quality outsourcing solutions empower financial planning groups to grow, while assisting advisers to remain productive and client focused in the face of constant market and legislative changes,” Ms David said.

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