Investment Services Group (ISG) subsidiary, Select Wealth Management, has reported strong growth in FNZ-hosted portfolios after going ‘platform agnostic’ last year.
Historically associated with the platform formerly known as Aegis (later morphing into MMC Wealth and now Apex), Select now manages about $40 million via FNZ on behalf of financial advisers using the investment service.
Select has about $900 million under management overall across its model portfolios and curated investments designed for financial advisers.
Debbie Tuddenham, Select head, said the ‘strategic decision’ to expand the investment administration choice has proven popular.
“Advisers and clients have much more to focus on than the platform on which their portfolios are managed,” Tuddenham said in a release. “By offering two different platforms, it means advisers and clients have the choice to use the platform they prefer, and we can continue to provide the great service that we always have to more financial advisers, and more of their clients.”
She said Select had also recently broadened its range of in-house models and stand-alone approved investments, allowing advisers to construct bespoke client portfolios out of managed funds, indexed exchange-traded funds, as well as direct Australasian equities and bonds.
“It’s our goal to make it easy to provide advice and manage client portfolios,” Tuddenham said. “We offer a choice of platforms and portfolios, as well as a range of tools that allow financial advisers to understand a client’s risk profile, undertake a needs analysis and project a client’s future wealth, based on their individual position.”
The group also launched a KiwiSaver scheme late in 2020 hosted by the NZX-owned Smartshares and now featuring several underlying managers in the ISG group – Clarity, Devon and Tahito – in addition to Smartshares and Milford: as at the end of last year the scheme reported about $10 million under management.
Like Aegis, Select was previously part of the ASB family (specifically, the insurance arm, Sovereign) before the pioneering NZ investment advisory firm, JMIS, acquired the-then $600 million discretionary investment management service in 2015.
JMIS, later known as JMI Wealth, joined the ISG conglomerate in 2017 with Select remaining as a separate entity. JMI Wealth serves as investment consultant to the Select service.