JHC, which was acquired by FNZ in August, offers JHC Neon, a cloud-based wealth management system that allows businesses to monitor all their investment portfolios against drift on risk and volatility, using data feed analysis on a daily basis.
MyFiduciary director Aaron Drew said it would sit on top of a wealth management platform, whether that was FNZ, Aegis or another option, and provide daily checks across all files, rather than requiring the business to rely on a sampling method.
He said MyFiduciary had a distribution agreement in New Zealand and Australia with JHC.
Drew said he felt the technology would become more important in the aftermath of the Royal Commission of Inquiry into Misconduct in Australia. “The tool is a good way to help them meet their compliance obligations.
“Firms managing wealth need to have robust investment processes, and Neon is a state-of-the-art tool that enhances and automates portfolio monitoring, risk analysis and investment compliance across all client portfolios. We believe it is simply not good enough in a post-Royal Commission environment that these processes remain manual, partial and prone to error.”
Finzo is JHC's first New Zealand client.
JHC chief executive John Blackman said the MyFiduciary deal had meant it could reach a new market where there was demand for the technology.
Finzo's chief executive, Nick Stewart, said Neon would give the business the power to look at clients in a new way. He said it had previously relied on manual, slow and cumbersome processes.
"The ease-of-use means that anyone in the business can open up Neon and get all the portfolio oversight they need both in the office and whilst mobile. We’ve been with FNZ for three years, and it was clear that these two products would complement each other well. Plus, we’re looking at only weeks to implement rather than months or years. It will form a key component of our compliance reporting for DIMS licensing and FAP requirements across Finzo member firms.”
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