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Is it time to switch platforms?

11 March 2019

Ishan Dan

Powerwrap are pioneers in unconstrained, next generation wealth management. Our goal is to unleash the full potential of adviser and client relationships.

It’s important to choose a platform that can help you unleash the full potential of the adviser-client relationship. A platform that can provide a complete set of tools for portfolio management, a comprehensive product suite and the flexibility to manage, quickly and efficiently.

Innovation and disruption, the two tech buzz words that have become synonymous with positive change. Disruption is everywhere, changing the world at the blink of an eye to provide a significantly improved product or service at a fraction of the cost. A better way of doing things. And so often happens, the nimble start-up that displaces an existing market leader sets the status quo. Of course, you don’t have to look far to see how fintechs have disrupted the wealth management space, especially after the Royal Commission into Banking and Finance. The entire industry has undergone rapid transformation driven by a rise in specialty platform providers delivering ‘what the client wants’ in the most cost effective and efficient way. While it’s welcoming news for investors and clients alike, shifts in technology can be a nightmare for an adviser.

A financial adviser’s business will often be built on that one platform that they have learnt back to front. The platform will also function as their back office and support. Disruption is a funny thing. In a short space of time, an old and clunky bank platform becomes redundant, outdated and highly restrictive. To retain clients on an archaic system with a vertically integrated product set simply isn’t in their best interests.  It makes sense to use the latest technology, in the same way you would update your smartphone. Part of the problem is, it’s not an easy task for advisers to simply jump platforms. Not only are there charges and fees, but the adviser will have to go through the new application process all over again for every client. It’s a painful and tedious process that can take months.  Honest competition relies on advisers having the ability to go where they feel the best platform offering is for their clients without being locked in or slugged for leaving.

For an adviser, their platform of choice needs to help them unleash the full potential of the relationship they have with their clients. It should provide them with a complete set of tools for portfolio management, a comprehensive product suite including both domestic and global assets, and the flexibility to manage, quickly, seamlessly and efficiently. The transition from the old to the new should also be straightforward and clear.

Fortunately, Powerwrap’s wealth management platform has managed to crack the code, removing some of the barriers preventing advisers from moving client assets and streamlining the transition process. Just a simple, fast and straightforward way to get clients beyond the realms of the big banks. The platform recently pushed past $7bn in Funds Under Administration driven by clients actively pursuing Powerwrap’s unique offering of a tailored platform administration service and comprehensive product suite covering a broad range of asset classes and markets.

So, if you’re an adviser and questioning whether it’s time to switch platforms, you already know the answer. There’s never been a more opportune time to give your clients what they really want. It’s time to switch to Powerwrap.