News

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

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 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Media

Chris Hocking        0418 603 694          This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Substantial growth reported in latest FUM Census

Press Release

 

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 in Managed Accounts stood at $39.2bn. This balance represents an increase of $8.3bn on the 30 June 2016 FUM total of $30.1bn

 

The 31 December 2016 total was made up as follows:

 

31 Dec 2016

30 June 2016

Incr/Decr $

Incr/Decr %

SMA / MIS

$12.36

$8.80

$3.56

40%

MDA services

$16.72

$10.22

$6.50

64%

Other services

$10.10

$11.86

-$1.76

-15%

Total

$39.17

$30.87

$8.30

27%

 

Commenting on the release, Toby Potter Chair of IMAP said “This new total shows just how significant managed accounts in their various forms have become. They now amount to the equivalent of nearly 7% of the Platforms and Wraps total FUA of around $600bn.”   

 

Thirty five companies participated in the latest Managed Accounts FUM Census ranging in size from the largest (the major platforms and banks) to MDA providers who offer their services just to their own clients. “It’s a sign of a very dynamic market that such a varied array of organisations can offer quite unique services and business models” said Potter.

 

The increase in the measured FUM for managed accounts can be attributed to three primary sources

  • market movement in existing portfolios;

  • additional participants compared to the June 2016 study and growth in FUM for the providers who participated in both June and December 2016;

  • new participants contributed $2.35bn in FUM

 

Market movement in the S&P ASX 200 accounted for $2.5bn of the growth with $2.5bn being new growth.

 

“There remain a number of managed account providers who have not yet provided their FUM data. Consequently we expect that the actual total will be greater than the number this survey has revealed” said Potter. “This simply reinforces the increasing significance of this sector in the provision of personal advice.”

 

 

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Media

Chris Hocking        0418 603 694          This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

IMAP announces new FUM census

Press Release

 
IMAP announces new Managed Account FUM Census- 23 January 2017
 
"Good information is the basis of good decision making"
 
The Institute of Managed Account Professionals (IMAP) has announced that it will be undertaking a new study of the FUM invested through Managed Accounts.
 
"When we did the last study as at 30 June 2016, I think many people were surprised that over $31 billion was managed in this way. We are undertaking the next FUM Census as at 31 December 2016 and plan to undertake the study twice yearly." said Toby Potter, Chair of IMAP.

“I am confident that we will see, even in this six monthly period, a significant increase in the assets held in Managed Account services. The current level of FUM and the growth, if it eventuates, will prove how significant this service is for the advice profession.”

“In the study last year we showed that Managed Accounts were offered in a number of ways – about 1/3rd Managed Discretionary Accounts,  about 1/3rd SMAs / managed investment schemes, and the balance in a variety of other legal structures such as IDPS-Like or IDPS services. Recent product launches have been principally in the SMA style so it will be interesting to see how the relative usage has evolved.”

IMAP will be completing the FUM Census through February for release in March. Potter said “In the last study we were thorough in our coverage of institutions and companies which offered Managed Account services to IFAs. In this study, we are extending the survey to the 190 licensees whose AFSL authorizes them to be an MDA Provider in their own right. Their participation will be a valuable extension of the study.”

To better meet the needs of MDA Providers, IMAP is also creating an MDA Providers Forum which will provide these organisations an opportunity to have a collective voice in matters such as regulation, professional indemnity insurance, investment management, and development of adviser expertise. The mandate for the MDA Providers’ Forum is currently being developed by IMAP with a group of MDA Providers and invitations to participate are expected to be released in February.

 

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

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 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

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 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

IMAP ASIC MDA Class order Briefing

ASIC MDA Class Order briefing webinar and Video conference 

 

Following the release of ASICs Legislative Instrument for Managed Discretionary Accounts, IMAP held an important briefing for the managed account industry from our regulator ASIC along with a panel of experts to discuss the consequences.
 
Program

  • Introduction  Toby Potter, IMAP Chairman
  • Presentation from ASIC’s Tony Christie explaining timing and intent of the changes
  • Commercial consequences - Claire Wivell Plater, The Fold Legal in Sydney
    and David Court and Matthew Twomey, Holley Nethercote in Melbourne

 

Click here for a copy of the recent webinar / video conference delivered on October 26 2016 at the offices of Macquarie in Sydney, Melbourne and Brisbane

 

 

IMAP Investment Committee webinar

ASIC Investment committee webinar 

 

On 29 September 2016 ASIC released the updated Class Order for Managed Discretionary Accounts.
 
In this webinar IMAP provided an initial overview of the key changes that ASIC announce.
 
A more complete presentation, in collaboration with ASIC was held after this event.
 
The main focus of the webinar was on a panel discussion on the best practice for Dealer Groups in establishing and maintaining an Investment Committee, with particular reference to Managed Accounts.
 
Topics covered included:
 
• Objectives of an Investment Committee
• Independence vs in house membership
• Integration of the IC into the broader organisation structure
• What should be in the Charter / Policy Statement
• Monitoring and managing performance and risk metrics of the Managed Account investment programs
• Fees – what should a dealer group expect to pay for independence?
 
The presenters are all experienced in participating in Investment Committees for AFSLs with a wide range of authorisations from large and smaller dealer groups, MDA Operators, Responsible Entities for managed funds and stockbrokers;

• Angela Ashton - researcher - Evergreen Consultants
• Annika Bradley - Financial Services Consultant
• Gordon Quah Smith - Lawyer
• Dan Powell - Onevue 

 

Click here for a copy of the recent webinar of 5th October  2016

 

 

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