Two major technology initiatives are to be rolled out in the next few weeks. Today (July 8) National Mutual is unveiling its Quantum Financial Solutions Group, and towards the end of the month Bank of New Zealand will officially roll out its Asset Management Service (AMS) which is based on the AUSMAQ electronic trading system.
Quantum is a company set up by National Mutual in conjunction with 21 advisory firm shareholders. It is a designed to provide better back office systems for advisers selling insurance products.
"At the heart of Quantum is Q-Fast, a unique computerised system that matches consumer requirements with products and services provided through the Quantum network," National Mutual says.
Clients who use the Q-Fast system will have access to products of companies that make up a majority of the life insurance market in New Zealand.
"In the weeks to come we will be launching an advertising and promotional campaign that will clearly set out what the Quantum brand stands for and the incredible breakthrough that the Q-Fast system represents for customers seeking objective, unbiased financial advice."
Good Returns will present a full report on Quantum once the details are available.
BNZ's AMS is essentially a wrap account. The bank's 25 private bankers are starting to use the system, and planning firm Rutherford Reade is also about to begin using AUSMAQ as its administration service.
AUSMAQ will cover managed funds, direct equities, fixed interest, bonds, cash management accounts and in time risk management products as well as non-financial assets such as residential homes.
BNZ says the maximum fee payable under the AMS service is 1.2 per cent a portfolio's value, reducing to 0.4 per cent for larger plans.
"We believe our service is the most sophisticated available in New Zealand and as an overall package of services is unique," Financial Services Group newly appointed chief manager Terry Millett says.
Two major technology initiatives are to be rolled out in the next few weeks. Today (July 8) National Mutual is unveiling its Quantum Financial Solutions Group, and towards the end of the month Bank of New Zealand will officially roll out its Asset Management Service (AMS) which is based on the AUSMAQ electronic trading system.