Unified managed account (UMA) platforms can improve adviser value propositions dramatically, Perspective Group managing partner David Harvie said at an Institute of Managed Account Providers (IMAP) seminar hosted by OneVue in Melbourne today.
He said unlike traditional wraps and masterfunds, the UMA did not lock clients into a set menu of products but instead enabled them to have all assets and liabilities in the one place, giving them a complete view of their total financial position.
"Traditional wraps and masterfunds are a bit like a Sizzler restaurant. You can only eat from their salad bar and their dessert bar," he said.
"What's different about a UMA is you can put every investment a client has onto the one system that will analyse and generate reports across everything. "Clients may not know it's called a UMA but they know they want it because they ask us to break it down, to make it simple, to show them how they are performing across all asset classes and to give them that one view so that it can all make sense."
Harvie referred specifically to his team's experience using the OneVue UMA and said the business had tripled its assets under management because clients wanted detailed reports on their overall financial position and the UMA was a powerful and visual tool that could deliver it.
"They don't want you to just advise on their super anymore. They want you to advise on everything because you've got the system that can do it all, make sense of it all and report on it all," he said. "It's certainly improving our value proposition because we're making things clearer for clients and for us as well.
"For instance come review time, we don't have to pull information together from multiple structures on numerous platforms and try to make sense of it to the client through confusing spreadsheets etc – what a nightmare!
"The UMA generates graphic reports across all their investments, which allows us to provide them with a better experience while making things much more streamlined for us as well. "It has also been great from a referral perspective as we can give our clients' accountants and other third party advisers access to various reports which makes their job, particularly at tax time, easier."
Harvie added from a management perspective, being able to get an overview of all advisers' clients in the business was also extremely valuable. Also speaking at the event, IMAP chairman Toby Potter said: "Because of technological changes and external influences such as current industry reforms, managed accounts are helping transform the planning profession."
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Julie May |
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Source: Media release OneVue September 18, 2012