Listed wealth manager Count Financial has struck deals with BT Financial Group and Macquarie Group to run their new life insurance platforms.
It is a significant distribution win for the investment managers, who will leverage off Count’s scale and desire to ramp up its wealth protection business in 2008.
Count is the second largest user of Westpac-owned BT’s administrative system but it is the first time the group will use a platform offering from Macquarie.
The wraps, BT Life on Wrap and Macquarie Life, have a competitive edge on many platform providers who still face limited functionality with life and risk insurance.
Only Westpac’s and Macquarie’s in-house products are sold through the platforms.
Count franchisees tested the systems last year before the group agreed to roll out them out across the company’s nationwide network.
“We’re pleased that following a trial of Macquarie Life Count Financial has approved the product for use by its advisers,” Macquarie Life head Justin Delaney said.
“We’ve received positive feedback from advisers Australia-wide who are already using the Macquarie Life offering, especially the online FutureWise product.”
FutureWise allows planners to complete an application, receive an underwriting assessment and submit the application online in around 15 minutes.
BT ran a pilot scheme of its life wrap with 50 dealer groups who have badged the BT investment Wrap for their businesses.
Count managed $18.5 billion in funds and loans under advice last financial year.
