Pushing the boundaries of the traditional advice platform

Over the 22 years it's been operating, the platform has evolved considerably, becoming increasingly sophisticated as it responds to changing client demands.

One of the key focuses for the platform in the past five years in particular has been building products and services for individual client segments. By ensuring that the solution can be matched with the requirements of specific client segments, this has helped advisors specialise in particular services or types of clients and provide higher quality service.

Netwealth joint managing director Matt Heine said the company also recognises the importance of being able to offer advisors and their clients a wide range of investment options and ensuring that it is efficient enough to run portfolios at scale. 

While platforms have traditionally been relatively narrow in their offerings, sticking mainly to domestic shares and domestic managed funds, Netwealth has expanded its offering over the years to include international shares, foreign currency, managed funds, managed accounts as well as the off the platform and non-custodial reporting.

“We are very focused on the user experience and ensuring that things like managed accounts, for example, are very broad in their offering,” explained Mr Heine.

“We also want to ensure that transactions are easy to complete and that when advisers do need help, there’s always someone at the end of the phone to support them.”

Mr Heine said the company continues to push the boundaries of what a traditional platform offers by investing heavily in its mobile technology and further enhancing its digital services so that advisors can focus on client engagement.

“We’re currently in the process of launching our new multi-asset portfolio service which will effectively sit across an adviser’s entire asset base, whether that’s custodial or non-custodial assets.”

Reporting continues to also be a big focus for the firm. 

“We’re doing a lot of work to make sure that investors and advisors are across what’s happening within their portfolios,” explained Mr Heine. 

“We make sure that we cater to those that prefer visualised data as well as the raw data itself.”

When it comes to attracting advisors operating in the SMSF space, Mr Heine said that integrating with the broader SMSF ecosystem is critical.

“Whether it’s BGL or Class or other systems that sit around an SMSF, integrating with different types of software makes it really easy to move data between the different systems.”

Looking ahead, Mr Heine said the wealth management platform will be doing “a lot more of the same but doing it better”.

“Our strategic initiatives include continued investment in our mobile and client portal.”

“We will also continue to have a big focus on whole-of-wealth, which enables a customer to see everything to do with their financial position such as bank feeds, property feeds, platform and non-custodial data.”

The company will also further customise and personalise reporting for clients and continue to build out its managed account. 

“As a business, we're very focused on making sure that advisors can be increasingly efficient. Ultimately, if they're able to reduce the cost to serve, that benefits the client and means that more Australians can get advice. But equally, we're also making sure that we continue to make more assets from around the world accessible which is something that's not been traditionally done in Australia.”