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[Updated] JMIS gets most of the Sovereign money

JMIS has managed to retain 95% of the money in Select Wealth Management, which it bought from Sovereign, however a significant number of advisers choose not to take part in the transition.

Thursday, March 17th 2016, 8:07AM

JMIS, which has been the adviser to the platform since its inception agreed to acquire Select after Sovereign choose not to go down the DIMS licence route.

Select offers advisers a range of model portfolios they can use with clients, or the advisers can put together their own portfolios. All the fund selection , asset allocation and research is conducted by JMIS.

JMIS director Andrew Kelleher says that the transition had hard work for the firm and for advisers, and around 95% of the money under administration had been transitioned. He said there was a "long tail"of advisers who choose not to transition.

This group of advisers had relatively small amounts in Select.

Kelleher says the transition was "an outstanding result, and has exceeded our expectations."

"Clearly this result would not have been possible without the advisers’ hard work, dedication and belief in the service.”

Kelleher says JMIS plan to build and develop an even better proposition for Select Wealth Management, utilising the DIMS license, the Select Model portfolios and investment research and management expertise, to ensure sophisticated investing remains easy for advisers and clients.

JMIS are looking to provide advisers with more administrative support and also to help them with compliance.

Kelleher recognises there are reporting issues with DIMS and Select is looking to make it easier for advisers and their clients. 

He says average balance on the platform have gone up as many of the smaller investors didn't transition. While Select offers a number of investment solutions most of the funds flow is into model portfolios.

Select has five model portfolios ranging from conservative to high-risk managed and has about 20 underlying managers. Overall there are around 70 securities and funds availble to advisers.

“JMIS have a proven track record of looking after peoples's money. We have the best interest of the client at heart. We are committed to helping grow their wealth using an active investment approach to deliver the best results.”

Tags: Sovereign

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