Australia’s largest non-institutional platform, netwealth, has reported their largest year of growth on record increasing Funds Under Management (FUM) by $1.96b for the last Financial year, with current FUM at $7.6b, at the same time as announcing the launch of their first Private Label Managed Account with GPS Wealth.
The huge increase in new business follows the successful launch of a number of new market leading initiatives including low cost access to trade across 10 global exchanges and the netwealth Managed Account which went live in April and underpins the GPS private Label.
The new offer which will be made available exclusively to advisers and clients of GPS Wealth provides access to a range of 9 models which collectively make up the CARE investment program.
GPS Wealth Managing Director Grahame Evans said “Our group continues to develop, and it’s paramount to support practices with the best possible tools and investments to enable delivery of quality and consistent advice to our clients. netwealth has impressed us with their state of the art platform technology, flexibility and ability to support our key managed account range across both superannuation and investment”.
He added “GPS is an independently owned group, and it is our goal to be aligned with like minded businesses that are at the forefront of innovation and change and have the systems to support us as we develop”.
Commenting on the growth Matt Heine, Joint Managing Director at netwealth stated: “We are really pleased with the growth of FUM which we believe is a reflection of our clear focus on delivering great technology which is supported by great service at a competitive price. Our recent award of Winner of Overall User Satisfaction with Platform from Investment Trends for the third consecutive year further supports our continued strong commitment to the IFA market.”
He continued: “We are also really excited to be working with GPS who have shown great leadership and foresight in the development of their investment solution and thanks to their guidance we are close to announcing a number of new additional private label managed accounts with further opportunities well in excess of $1b.”
Heine said not having legacy systems to contend with enabled netwealth to be agile in its planning and rapid development of platform functionality to benefit advisers and clients. Combined with a clear client service culture this enabled netwealth to continue to grow rapidly while maintaining the very high standards clients have become used to.
Profit of the privately owned netwealth group continues to grow strongly with current FUM at $7.6b. The company remains debt free and has strong cash reserves exceeding regulatory requirements enabling continued investment in our products, services and human capital.