OneVue head of platform strategy, sales and service David Storm said it was important for the company to work with groups such as IMAP and take a leadership position in the promotion, participation in and education regarding managed accounts.
According to Mr Storm, many advisers have expressed an interest in managed accounts but are daunted by the range and complexity of products available.
“Many advisers struggle with managed accounts as they don’t have experience with them, but those who do, say more transparency, less admin and accessibility are reasons for use,” he said.
“Managed accounts aren’t just marketed at high-net-worth individuals as they were in the mid-1990s; they now target the average investor.”
The managed accounts sector is now valued at in excess of $15 billion, and considered a significant part of the retail investor market.
IMAP chief executive Toby Potter said he was thrilled to have OneVue’s support as the industry evolves.
“As with many other areas of the advice industry, there is considerable uncertainty about the future shape of regulation,” Mr Potter said.
“IMAP will play a key role in the coordination of the industry’s response to regulation, and having sponsors like OneVue to work alongside is increasingly important,” he said.
In the coming months, IMAP will launch the first managed accounts directory – a comprehensive listing of Australian participants.
“Our aim is to bring together advisers, managers, platforms and other managed account service providers to help build a better industry faster,” Mr Potter said.
