About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, November 22nd, 5:30PM
rss
Latest Headlines

Wrap platforms should stick to their knitting: Coplestone

New Zealand wrap platforms have a better handle on their role in the market than their Australian counterparts, one industry commentator says.

Wednesday, August 5th 2015, 5:59AM 2 Comments

by Susan Edmunds

Heathcote Investment Partners director Clayton Copleston spoke at a conference in Australia last week, where he said platforms that applied prescriptive processes and filters on the products they would accept were overstepping their role and acting as a sort of proxy adviser.

Coplestone said the question arose at the conference about why it was so hard to get products on to the Australian wrap platforms. “I said all they should be doing is administering the process and putting their margin on top. It should be a simple process not a convoluted process of getting support from dealer groups and research … [Australian] platforms have missed their role in life, of facilitating the transaction, and for the last 20 years have been positioning themselves as more than gatekeepers but the judge and the jury. The response was that platforms have a fiduciary duty. Really? That’s like saying the use of technology should come with a fiduciary duty.”

He said New Zealand wrap platforms, such as Aegis, were by contrast very transparent and clear about what the requirements were for a product to be part of a platform.

“They don’t make the decision you can have this one but not that one. If it’s commercial and will be supported, they’ll put it on with an administration margin on top.”

But Ausbil Investment Management head of retail Mark Knight said the Australian set-up was the right one and meant fund managers need to work to ensure their offering was best of breed. "Getting a product on a platform can be tough, real tough. However it is a model that works and the barriers to entry are not entirely negative."

 

Tags: Wrap Platforms

« Getting to know... Elaine CampbellLVR restrictions to be reviewed »

Special Offers

Comments from our readers

On 5 August 2015 at 9:05 am Brent Sheather said:
Our system and thus our clients don’t need platforms so we can avoid their fees and these sort of distracting issues.

Regards
Brent Sheather
On 5 August 2015 at 5:44 pm John Berry said:
Apologies to Brent for contributing to this distracting discussion, but I think Clayton raises a good point here. Platforms are the infrastructure for making product available - if they put up barriers to accepting product this cannot be in the interests of investors. For Australian platforms to argue they have a fiduciary duty to filter product offerings is nonsense. It is the adviser who knows the client and should decide what meets their needs, not the platform.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • [The Wrap] Into the unknown
    “Can I add to your list of unknowns, That is the issue of whether a financial adviser will be allowed to provide advice on...”
    8 hours ago by Murray Weatherston
  • [The Wrap] Into the unknown
    “As a Director of Newpark, I am appalled by this comment above "It is good to get rid of overrides as the money in the past...”
    9 hours ago by Murray Weatherston
  • [The Wrap] Into the unknown
    “Dealergroup fully paid for my level5, professional development days, free crm and advice process, bdm support and just attended...”
    9 hours ago by D.G
  • When is a client really a client?
    “while many interesting points are made, I feel that Murray's earlier comment is closest to the mark. However I believe it...”
    11 hours ago by Tony Vidler
  • Life stages research shows big differences in outcomes
    “"Savers who chose NZ Funds, Fisher Funds or SuperLife achieved a higher level of expected wealth at retirement after fees...”
    1 day ago by Gordon Gecko
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼3.89 ▲4.05 4.39
ASB Bank Special - ▼3.39 ▲3.55 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.02 4.09 4.39

Last updated: 22 November 2019 4:35pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com