Consilium Wrap lowers international brokerage fees

Advisers using Consilium Wrap will be able to access some of the lowest international brokerage fees available in New Zealand.

Wednesday, October 11th 2023, 6:40AM

Rates for markets including the United States, Canada, United Kingdom, Hong Kong, Japan and Singapore will be as low at 8 basis points for basic execution, and between 12 and 13 basis points when managed through a high touch model.

“Some of the world’s best investments are accessible via international exchanges. Consilium Wrap offers multi-broker functionality which leads to cost reduction for investors and specialist broking services for advisers, making ETFs and international shares more effective at meeting the needs of their clients," Consilium managing director Scott Alman said.

Under the changes there will be no minimum brokerage fee or trade size when using Citibank. "That means advisers using ETFs in their portfolios or via the KiwiWRAP KiwiSaver Scheme on Consilium Wrap, can reliably use international ETFs without needing to pool orders across accounts or be mindful of order sizes."

Head of Wrap Solutions, Dayle Englebrecht, said, “advisers want to use ETFs or direct international shares in their portfolios and within the KiwiWRAP KiwiSaver Scheme, but trading has been more difficult because they try to avoid minimum brokerage costs using pooling. Using Citibank as their broker means trading portfolios using these types of investments is much simpler.”

Next up for Consilium will be working on expanding low-cost rates to more exchanges across Europe and Asia and working to further reduce New Zealand and Australian brokerage fees.

Alman said, “One of the benefits of enhanced wrap technology is an ability to lower costs. As a wrap provider we are always looking for ways to reduce costs so advisers can offer more value to their clients.”

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