Platform provider netwealth has launched a "private wealth" initiative that provides investors with wholesale access to the firm's investment and superannuation wrap products.
Fees under the initiative do not include rebates to dealer groups or advisers, with savings passed back to clients.
Investors and advisers can then also opt to reduce fees further by selecting investments from the investor rewards menu, according to netwealth executive director Matt Heine.
The initiative was on the back of industry changes and a targeted campaign to attract private banks and stockbroking firms, Heine said.
"'Private wealth' was designed for groups looking to transition to a fee-for-service model," he said.
The service is available to practices and businesses that have a high average account balance and above average funds under management.
"'Private wealth'" was designed to penetrate the private bank, stockbroking and high net worth market who have not traditionally built their business model on platform rebates," Heine said.
"It complements the recent advances we have made in the IMA (individual managed accounts) technology space," he said.
In addition to the netwealth-owned dealer group Financial Planning Services Australia (FPSA), one private bank and a national stockbroking firm have already signed up and discussions are underway with a number of other private wealth businesses.
The service was rolled out over the last month.
