Licensee reaction and volatile markets are behind netwealth's decision to revamp its investment menu, according to the company's executive director.
Matt Heine said feedback from the platform's dealer group clients as well as the company's need to make its offering 'relevant' in current markets prompted the group to drop around 25 funds and add about 40 funds.
"[The decision] was about making it as relevant as possible in these markets," Heine said.
"So adding some protected funds, removing funds that haven't been supported or don't have a position anymore."
In line with the revamp, Heine said managed accounts will be a "major focus" for the group in the next quarter.
"We see this as a really important part of the industry moving forward where again advisers are looking at streamlining their back office but also adding more professional investment services to their client," he said.
As well as revising its investment menu, the company has also restructured its distribution team.
"I think the advisers are just crying out for help at the moment. So it was important that we made sure that we had enough people on the ground to service our existing advisers as well as look for new accounts and clients," he said.
"And by creating a team structure where there is a lot of accountability in each of the states and having a more traditional distribution method it means we are servicing those existing clients and not just focusing on the new business."
