Netwealth, the A$28bn Australian platform, is set to launch a new 'Premium' offering as it looks to take advantage of growing demand among HNWIs for more sophisticated solutions.
The new premium range of products offering within its flagship accelerator range for high-net worth, private wealth and sophisticated investors, should be available within months.
"With all the change going on in the industry at the moment and a real focus on best interest, we've been very focused on moving towards more of a user-pays model when it comes to building the platform and the different product options available," Netwealth managing director Matt Heine told Australian news outlet Financial Standard.
We're able to offer a range of services that aren't generally available in the industry, such as bonds, international trading with multi-currency trading, and IM funds"
Administrative efficiency is particularly important for advisers on lower balance accounts where regulatory and compliance costs tend to make up a higher proportion of overall fees charged.
The better cost per client reportedly offered by the newer platforms also makes them more attractive for advisers where lower balanced accounts make up a significant proportion of total accounts.
"At the other end of the extreme where we're working increasingly with high net worth and private wealth groups, that we're able to offer a range of services that aren't generally available in the industry, such as bonds, international trading with multi-currency trading, and IM funds," Heine added.
According to Investment Trends research, 27% of advisers switched platforms last year.