Prudential has launched the Pathfinder Service as its solution to the administrative nightmare advisers and investors face.
Marketing director Julian Moore describes it as a wrap account rather than a master trust. While the distinction between the two is blurred the aim is the same, that is to provide a more efficient and cost effective way of administering investment portfolios.
He says the difference between the two is that there is no underlying product between the administrative service and the investor with a wrap account.
The benefits of the service are that investors will get consolidated reports of all their holdings, and the amount of paperwork for advisers using the service will be reduced.
The service requires an investor to have a minimum portfolio size of $10,000, however Pathfinder is more suited to portfolios of $50,000 or more.
Moore says the main impetus for Pathfinder's development was the requirement by high net worth investors to have diversification across investment managers, as well as asset classes.
Under that scenario Prudential would essentially have to sell competitors' products.
Pathfinder though allows an investor to use managed funds other than Prudential's, and offers wholesale rates.
Managers, other than Prudential, included in the service are; AMP, Armstrong Jones, Bankers Trust, Bank of New Zealand, Colonial, New Zealand Guardian Trust, LGT Asset Management, MLC Investments, National Mutual, New Zealand Funds Management, Norwich, Southpac, Tower and Westpac.
Moore says Pathfinder is being offered to external advisers as well as Prudential agents.
"Pathfinder is a portfolio monitoring service for the top end of the market," he says.
Prudential has launched the Pathfinder Service as its solution to the administrative nightmare advisers and investors face.