Mr Marsh was responding to comments by Wealthtrac managing director Matthew Johnson which suggested that companies like OneVue and HUB24 are preoccupied with technology and are “losing money” as a result.
OneVue is a wholesaler of platform services, whereas Wealthtrac is in “the distribution business”, said Mr Marsh..
“My understanding of Wealthtrac is that most, if not all of it is aligned with ANZ in some way,” he said.
“They’ve got the Oasis platform that they’ve got a badge of that they re-signed a couple of years ago. They’ve got ANZ TDs on there, and they offer that as an individual party sitting in the middle of that,” he said.
OneVue works with clients such as Madison Financial Group and Yellow Brick Road that want to tailor the OneVue platform to fit their value proposition, said Mr Marsh.
In response to Mr Johnson’s comments about OneVue’s profitability, Mr Marsh pointed out that platforms only represent 60 per cent of his company’s business.
“There’s an advantage to us having the tech as well because we’re a wholesaler, and one of the things that we want to be able to do for our clientbase is to be able to customise to their needs,” he said.
“Unless we’ve got control of that technology it’s a lot more difficult for us to do that, and probably impossible.”
Given that OneVue is in the middle of an IPO, he was reluctant to respond to Mr Johnson’s suggestions that larger institutions acquire the likes of HUB24 and OneVue once they become profitable.
“I actually take that as a compliment. He’s saying that he likes our tech and that someone might find it valuable,” said Mr Marsh.
“If one of our competitors thinks we have something that’s worth taking out, then thanks to him for the compliment.”
HUB24 declined to comment.
