Former financial planner Doug Kirkman has joined managedaccounts.com.au after eight years as principal of Melbourne-based advisory firm, Cameron Walshe Financial Planning. Prior to that, Kirkman was head of sales and distribution at Suncorp-owned Asteron Life.

David Heather, chief executive of managedaccounts.com.au said Kirkman was the ideal candidate to drive the Company’s continued expansion in Victoria which is where around 60 per cent of clients are currently based as well as build additional relationships in South Australia, Western Australia and Tasmania.

Kirkman said the managed accounts industry was perfectly poised for growth with increasing adviser and investor demand for innovative, flexible and efficient business solutions.

“It’s an exciting space to be in and managedaccounts.com.au is on the cutting edge,” he said. “Managed accounts are a way advisers can deliver better service and value to clients, and gain back-office efficiencies. Interest in MDAs has never been stronger and as a former adviser, I believe I bring a unique perspective and understanding about the challenges facing advice businesses and the types of solutions principals need.”

Kirkman’s appointment was incorporated into prospectus forecasts to coincide with record inflows for the June 2014 quarter. In a recent ASX announcement, MGP confirmed it had exceeded target Prospectus forecasts for funds under administration and net profit before tax (NPBT) during a period when four new Australian Financial Services License (AFSL) holders had implemented a solution provided by the Company.

There are now 23 licensees using managedaccounts.com.au. Two additional licensees have signed a Memorandum of Understanding to implement a private label managed account service with managedaccounts.com.au in the next few months.

Don Sharp, executive chairman of MGP said the Company’s strong performance was a clear validation of its strategy and highlighted the attractiveness of the Company’s business model and service offering.

“This support and vote of confidence from our clients has further boosted our reputation in the marketplace, evident by a number of new firms selecting the managedaccounts.com.au solution over other providers and platforms,” Sharp said.

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Mark McLennan

Specialist managed discretionary account operator, managedaccounts.com.au will soar past the $1 billion in assets under administration mark after launching services with two of Australia’s largest boutique financial advisory firms.

Sydney-based Affinity Wealth Services and Melbourne-based Redgum Wealth Group have both integrated the managedaccounts.com.au MDA solution into their businesses.

Affinity Wealth Services, which spun out of AMP-owned dealer Hillross in 2009, signed with managedaccounts.com.au in January and will transition around $180 million into the new MDA solution over the next 12-18 months.

The firm has approximately $350 million in assets under advice and employs 24 staff across its wealth management, financial planning and accounting businesses.

Affinity Wealth Services principal, Keith Jones said the firm’s new MDA solution allowed it to focus on the delivery of quality service and advice without being distracted by back office administration.

“We looked at a number of different administration systems as well as virtual platforms and we chose the managedaccounts.com.au structure because it suits how we manage money and delivers greater transparency, accuracy and flexibility,” he said.

Redgum Wealth Group is also currently rolling out the managedaccounts.com.au MDA service to its 200 clients.

Principal Mark McLennan said he expected the new service to reduce the group’s administration workload and allow for greater time and resources to be spent on enhancing its investment research and portfolio management capabilities.

“We started to experience capacity constraints because previously every individual client portfolio has to be handled separately,” he said. “With this system, we’re more efficient and productive. We can still individualise client portfolios and the business can continue growing at a steady pace.”

Redgum employs nine staff including four advisers and has over $200 million in assets under advice.

David Heather, CEO of managedaccounts.com.au said the group had experienced strong growth in the last 12 months, signing a number of independently-owned boutique groups including GPS Wealth, Affinity Wealth Services and Redgum Wealth, in addition to being in advanced discussions with several quality businesses.

“The arrangements with Affinity and Redgum are significant in that both firms have previously administered client portfolios off platform but have seen the need to migrate to a MDA structure for advice efficiency as well as administration efficiency. Any advice business contemplating providing equities advice on a large scale should take the time to look at the range of options available.”

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