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Nov 2017 FPA Congress and IMAP's Managed Account Central Expo

IMAP is again participating in the FPA CONGRESS being held this year in Hobart, TAS on 22 - 24 November 2017 with the "Managed Accounts Central Expo"

Managed Accounts Central brings together a group  of important participants in the managed account industry to provide a great opportunity for financial advisers, dealer groups and other stakeholders to talk with service providers, view the latest offerings and discuss challenges, opportunities and learnings from implementing and growing managed accounts as part of the adviser solution mix.

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Perspectives - June 2017

Welcome to Managed Account Perspectives - IMAPs quarterly publication for managed account professionals.

 

 

 

 

 

CONTENTS WINTER 2017 

4 Chairman’s message

6 News

12 The path less travelled: Four industry professionals provide their thoughts on the three things that will drive the growth of managed accounts.

15 My perspective

17 Crystal clear: Crystal Wealth Partners may only have been operating for five years, but it's an advisory business with an impressive track record.
Jayson Forrest talks to John McIlroy about the business’ investment philosophy and its managed account solution for clients

21 Three options for LMDA arrangements: When it comes to replacing Limited MDA arrangements, advisory firrms have three key options to consider if they hope to satisfy the changing demands of investors and the regulator, says David Heather.

24 Operational Due Diligence3.0: Operational due diligence is a challenging undertaking for any business, including the obligations on dealer group portfolio managers. Christopher Addy explains the five-stage process that can enhance the ODD process within a business

28 Cranes, trains and property yields: As Charles Stodart explains, investors in Australian property have long been enamoured with the residential market, but away from the media focus, AREITs offer many of the same attractions and warrant a place in managed account portfolios.

30 Fundamental indexing: Fundamental indexing can be an attractive option to investors who seek to add a low cost passive exposure as a core element to their portfolio, writes David Bassanese. 

34 Events   From our Portfolio Management Conference in July to regular webinars, read up on what's going on in the Event space

 

 

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IMAP Webinar on Manager Due Dilligence featuring Chris Addy, Castle Hall

"Manager Due Dilligence - making sure the next van Eyk Blueprint isnt in your Group's Portfolios"
 
At this IMAP webinar sponsored by OneVue, Chris Addy, CEO and founder of Castle Hall, a leading company involved in Manager Due Diligence presented on Operational Due Diligence – A vital role in Managed Account Portfolio Construction
  • What DD should Portfolio Managers be undertaking?
  • What should be covered in a DD review?
  • How do Australian managers stack up?
  • How to integrate DD into a portfolio construction

 

Click here to download the slides Chris used in his presentation 

 

A video from the webinar will be available next week and can be reached on the following link http://www.imap.asn.au/video-library

 

9 May 2017

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MDA Providers Forum launch

MDA Providers Forum inaugural meeting

How do investment bankers value wealth management businesses? 

This forum provided an excellent opportunity for AFSLs who have MDA Operator authorisations and will focus on the potential for this type of service

We all want our businesses to be more valuable so that when we finally realise the value we’ve created, it’s a bigger rather than a smaller number.
 
MDA Providers in particular have made a choice that both they and their clients can benefit from a business that goes beyond advice into portfolio management. The multiples that wealth management businesses command demonstrate that, properly executed, this is a sound strategy:
 
·       What do you have to do in your business to make it more valuable?
·       When is listing a realistic option?
·       What would an acquirer be looking for if you were planning to sell to them?
 
Vaughan Webber is Director Equity Capital Markets at Bell Potter.  His specialty is the equity capital markets for small to mid capitalization listed companies and has extensive experience in IPOs and capital raising for financial services business. He will come along to talk about “How do Investment Bankers value Wealth Management Businesses”
 

 

 

Click here for a copy of the presentation

 

Contact

Toby Potter, Chair, 0414 443 236 toby.potter@imap.asn.au

Jane McIlroy, National Marketing and Events Manager 0411420180 jane.mcilroy@imap.asn.au

 

Media

Chris Hocking        0418 603 694          chris@chstrategies.com.au

 

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Substantial growth reported in latest FUM Census

The Institute of Managed Account Professionals Ltd (IMAP) has released the latest data in its Managed Accounts FUM Census. As at 31 December 2016, FUM was measured at $39.2bn

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IMAP announces MDA Providers forum

Press Release


 

"A community of interest that needs to be represented"

 

The Institute of Managed Account Professionals (IMAP) has announced that it will be establishing a sub group to address the interests of MDA Providers as part of its broader representation of Managed Accounts.


IMAP’s FUM study in June 2016 showed that the MDA services exceeded $10bn and the initial results of an update as at 31 December 2016 shows this is likely to have grown significantly. Increasingly platforms are having to adapt to support this way of implementing advice service

“MDA Providers - or Operators as they used to be known – are governed by different regulation to organisations offering managed accounts via a Product Disclosure Statement and tend to have more diversity in their business models.  MDA Providers have expressed enthusiasm for a forum that would support their common interests such as complying with the new MDA regulations, ensuring ASIC understands their business models and encouraging wider understanding among advisers of the potential for MDA services” said Toby Potter, Chair of IMAP. “In addition, many MDA Providers would benefit by sharing experiences in operating their businesses by being able to chat with other business leaders who face similar challenges. Other topics which we intend to cover include how to engage with investment managers as sub advisers and the benefits platforms and brokers can offer MDA Providers.”

“The overall goal of the MDA Forum is to ensure that clients’ interests are best served”, he said.

The MDA Providers’ Forum will be an invitation only group available to leaders of businesses which have this AFSL authorisation. It will meet in Sydney and Melbourne initially up to 6 times a year but may extend to other centres following establishment. The group will have a speaker on a relevant topic followed by drinks and will commence in March with a Sydney meeting.

To develop the MDA Providers Forum IMAP has formed a Leadership Group consisting of the principals from a number of licensees who have the MDA authorisation. This group includes

·       David Heather - Managed Accounts

·       Richard Nicholas – Peak Investment Partners

·       Nick Revis – Elston Asset Management

·       Brett Sanders – Philo Capital

·       Glenn Woolley – Intrinsic Investment Management

Contact

Toby Potter, Chair, 0414 443 236 toby.potter@imap.asn.au

Jane McIlroy, National Marketing and Events Manager 0411420180 jane.mcilroy@imap.asn.au       

Media

Chris Hocking 0418 603 694 chris@chstrategies.com.au  

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IMAP announces new FUM census

The Institute of Managed Account Professionals (IMAP) has announced that it will be undertaking a new study of the FUM invested through Managed Accounts.
 
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IMAP IOOF webinar - Using Bonds through a separately managed account

If you missed the Webinar on Using Bonds through a separately managed account sponsored by IOOF and presented by Alwyn Hung, Mason Stevens then click on the link here to view a video of the entire presentation.

 

For your convenience the video is also available to view by topic

Part 1 Introduction - Toby Potter

Part 2 Fixed Income Managed Funds altering finite to infinite - Alwyn Hung

Part 3 Fixed Income to an Investor - Alwyn Hung

Part 4 - Fixed Income to an Adviser - Alwyn Hung

Part 5 - How does a Fixed Income SMA work? - Alwyn Hung

Questions - Is the regulation around self managed super funds and how beneficially held bonds are valued

Question - How does the trading of individual holdings work for an SMA given that holdings are less than parcel size?

Question - How does Mason Stevens ensure best pricing and execution?

Question - is there concentration risk in owning bonds directly compared to a bond fund?

Question - How much change is there in a Bond portfolio in the SMA over time?

Question - Is the market sufficiently liquid?

If you would like to download or view the White paper prepared by Mason Stevens on the topic, please click here for a copy

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IMAP Renews Advisory Board – November 2016

 

Press Release
IMAP Renews Advisory Board - 7 November 2016

 

The Institute of Managed Account Professionals (IMAP) has announced a series of new appointments to its Advisory Board. This change is being made concurrent with Toby Potter, Chair of IMAP, moving to a more full time role with the organisation following his departure from his role as National Manager, Platform Strategy and Managed Accounts with IOOF.

 

The Advisory Board provides guidance to the IMAP management team on strategic direction, discussions with regulators and suitable topics and presenters for IMAP events. The Board is drawn from organisations that are representative of the broad spread of involvement in managed accounts including MDA Providers, platform operators, investment managers, advisory organisations and technology providers.
“There’s so much development occurring in the managed accounts area that it’s a real benefit for IMAP to have the advice and support of these very experienced industry professionals” said Potter.

Members of the Advisory Board are:
Adam Seccombe – Implemented Portfolios, Andrew Tracy – JB Were, Brett Sanders – Philo Capital, Dan Powell – OneVue, Ian Knox – Paragem, John McIlroy – Crystal Wealth, Sam Marshall – Iress, Steven Karrasch – Select Asset Management, Tom Bignill – Mason Stevens, Tom Glynn – DNR, Benjamin Abell – Colonial First State and Steve Thomas – netwealth.  

Also in Professional Planner on 9 November and again on 16 November 

 

Contact

Toby Potter, Chair, 0414 443 236 toby.potter@imap.asn.au

Jane McIlroy, National Marketing and Events Manager 0411420180 jane.mcilroy@imap.asn.au       

Media

Chris Hocking 0418 603 694 chris@chstrategies.com.au  

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Climate change in the managed accounts biosphere

Toby Potter Chair of IMAP today wrote an article in the current edition of Financial Standard.

The article, titled "Climate Change in the Managed Accounts Biosphere" draws parallels between manmade environmental change and its impact on the natural environment. 

Referring to ASIC and its update to the regulations, Toby ponders over which financial services species are likely to be environmentally favoured and which may be treated like an introduced pest, namely the Limited MDA – a species introduced in 2004 is to be eradicated by October 2018.

The banning order is going to force a bit of genetic modification on the AFSLs and advisers who have comfortably occupied this niche for the past decade or so.  Having had adaptation forced on them, these AFSLs and advisers are most likely to think about evolving into:
• An MDA Provider, or
• An external adviser to someone else’s MDA service , or
• An adviser on standard platform SMAs, or
• An investment manager on a platform that will offer their portfolios as customised SMAs

There are positive aspects of the regulations and ASICs new MDA regulations are strongly supportive of diversity of approach to the provision of MDA services. ASIC has recognised MDA services that are, for example :
• Operated on a regulated platform
• And / or with an external adviser who is responsible for an annual review
• And / or with assets held by a custodian or in client own name
• And / or with external, outsourced administration 

However, ASIC spoke at a recent briefing organised by IMAP to provide the background to their thinking about the changes to the regulations. it was made clear that when an AFSL applies to be an MDA provider, whatever variety of advice, administration, custody, investment management they propose to undertake, ASIC are intending to apply a common standard of expertise, resources and experience.

IMAP is preparing a strategic workshop to help AFSLs pick their way through the options because the most obvious – becoming an MDA provider – is likely to come with a compliance burden that is both onerous and expensive. Info on this workshop will be released shortly.

Click here to read the full article in this week's Financial Standard

Contact

Toby Potter, Chair, 0414 443 236 toby.potter@imap.asn.au

Jane McIlroy, National Marketing and Events Manager 0411420180 jane.mcilroy@imap.asn.au       

Media

Chris Hocking 0418 603 694 chris@chstrategies.com.au  

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