Christchurch-based adviser services and platform provider, Consilium, has targeted an April 2020 launch date for its reupholstered FNZ-built wrap.
Dubbed ‘Wrap 2.0’, the next-level platform taps into the latest FNZ global technology, Consilium managing director, Scott Alman, said in a release.
“Some key benefits for advisory businesses include Wrap 2.0’s interactive dashboarding, a toolbox to help increase the value of advice and make advisers’ lives easier such as stochastic modelling, investment research, and paperless onboarding, plus the ability for client profiles to be created independently and linked to multiple accounts,” Alman said.
He said Wrap 2.0 garnered “excellent feedback” from Consilium clients following a series of platform previews around the country.
The firm also plans to increase its service staff numbers by 30 per cent before switching on the new platform technology next April.
Consilium previously announced plans to launch a KiwiSaver product sometime in 2020.
The company is a key FNZ client with more than $4.2 billion in funds under administration (FNZ) covering 100 financial advisory firms. In total, FNZ has over $16 billion of NZ-sourced FUA.
FNZ founder and chief, Adrian Durham, said in the release that the now Edinburgh-headquartered firm spends up to $90 million annually on research and development that NZ clients would benefit from.
Durham said the latest FNZ technology roll-out “delivers a modern proposition” to NZ platform clients.
“We are very much looking forward to seeing the market where we started this company benefit from the huge investment we have made in technology in this sector over the last decade,” he said.
Following an ownership change late in 2018, FNZ has been highly acquisitive including purchases of UK rival JHC and ASX-listed financial software business GBST (currently subject to a UK competition enquiry).
The JHC deal gives FNZ access to the UK group’s Neon portfolio management system, which signed on its first NZ client last month – Hastings-based adviser services firm, Finzo (also an FNZ platform customer).
According to a release, Neon – marketed in NZ by MyFiduciary – allows a firm to “monitor all of its client portfolios against drift on risk and volatility, using FNZ data feed analysis on a daily basis”.
But the platform technology wars look set to heat up further in NZ next year. As reported elsewhere, Aegis will is getting a much-needed spruce-up under new owners MMC while NZX Wealth Technologies is making an aggressive play in the market with its upgraded system.
It is understood a consortium associated with newly-arrived NZ fund researcher, Research IP, is also planning a foray into the platform world.
Currently, the three adviser-focused platforms – FNZ, Aegis and Wealth Technologies – have about $35 billion in FUA between them. In the NZX 2019 half-year report, Wealth Technologies (which holds roughly $2.25 billion) estimates the total NZ platform potential at almost $90 billion today.