OneVue disputes off-platform push
Independent platform provider OneVue says self-managed super funds (SMSFs) have driven a spike in inflows over the past 24 months, with more than 450 SMSFs moving onto OneVue's unified managed account (UMA) platform.
OneVue was responding to a story in SMSF Adviser's sister publication InvestorDaily yesterday that quoted CFS senior technical manager Craig Day, who said advisers were taking SMSF clients off-platform in search of greater control, and another recent story in which ETF Consulting's Tim Bradbury said SMSF trustees looking at ETFs were moving off-platform because of difficulties trading ETFs on major platforms.
OneVue's UMA platform has recorded 24 consecutive months of positive net inflows, which the firm's head of strategic relationships Brett Marsh said showed that OneVue was able to cater to that segment of the market.
"While some industry heads have been quoted in the press saying that a number of SMSF advisers are starting to take their clients off-platform and away from restrictive wraps and masterfunds, the OneVue UMA is experiencing a different trend as we don't lock advisers and their clients into a set menu of products," Mr Marsh said.
"The OneVue UMA enables advisers to transact, administer and report on products such as managed funds, term deposits and listed securities, which your traditional providers offer, as well as more sophisticated investment types such as separately managed accounts, direct property and geared SMSF products," he said.
Mr Marsh said there had also been reports recently that improvements in technology could lower platform costs but that a lot of the major institutions were hamstrung by outdated legacy systems which would be too expensive to change and that would ultimately drive clients off platforms as well.
"As a smaller independent provider we can implement change more quickly," he said.
"We have briefly signalled to the market that we are in the process of simplifying fees and bringing down costs, and we will have details on that in the near future."
Mr Marsh also flagged a plan to move OneVue's online data systems to a remote cloud server.