tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, July 10th, 6:45PM

News

rss
Latest Headlines

Aegis loses $375 mill to new platform

Hawkes Bay-based Boutique Advisers Alliance (BAA) has launched its own, non-aligned, independent custodial platform that uses cutting-edge technology to help advisers meet their regulatory requirements more easily.

Monday, January 16th 2017, 10:31AM

Nick Stewart

BAA is backed by Stewart Group, which has more than 30 years’ financial advisory industry experience.

The firm began building its own custodial platform in July in conjunction with technology provider FNZ. The platform has now launched and offers greater automation, security and value to clients and BAA members.

BAA director Nick Stewart says this is a pioneering step for the company, which is one of the only non-aligned financial advisory service providers in the country to have its own custodial platform.

“We decided to paddle our own waka and be in control of our own custodial wrap platform…During my tour of the US last year I saw how automation and technology were driving their businesses, and that validated the decision to move to our own next generation platform.”

Stewart says it is global best practice for there to be a firewall between a client’s capital and the adviser. “It’s a fundamental that the adviser does not hold the cash.”

A custodial platform fulfils this role, from both a security and administration point of view. “The custodial platform handles all cash, script and units, and also enables economies of scale so our clients get a better deal through sharper pricing on brokerage, call account interest rates and underlying FOREX margins.”

The move means clients can rest assured the provider of the custodial platform is not a bank or insurance company, is not for sale, and is an independently owned non-aligned entity.

Stewart says the new platform is clever and intuitive, allowing automated DIMS reporting electronically to clients, eliminating the need for paper.  Tax reporting and anti-money laundering provisions will also be automated.

“This is the first platform that has daily data feeds from the custodial platform to our client relationship management system. It means we can automate administratively heavy services and provide a more efficient service to clients and more one on one adviser to client time. It’s a game changer for us and our associate advisory businesses.”

Tim Rowe, former Global ICT Manager of 16 years at a New Zealand born multinational, has been secured as Platform Service Manager bringing extensive global IT and platform experience.

The new platform is just another step in BAA’s push to further innovate on behalf of their clients and, for advisers, it offers a solution that will future-proof their business.

Tags: Aegis FNZ

« Pathfinder to screen its Water Fund for nastiesLVR restrictions to be reviewed »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    3 hours ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    9 hours ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    10 hours ago by Matron
  • Greens want ACC extended to cover sickness
    “The Greens have no idea The purpose of the Woodhouse report was to remove the "at fault" component of accidents Sickness...”
    1 day ago by LNF
  • Commission disclosure: What's material?
    “The consumer should know that there is at times large amounts of comission involved but it has to be balanced with not confusing...”
    1 day ago by Good Hamish
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 10 July 2020 9:02am

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