Wealth management provider IWL has passed the $7 billion funds under advice (FUA) mark in its Echelon Portfolio Solutions division.
IWL chief executive Otto Buttula said the strong growth was a positive.
“We are confident that Echelon Portfolio has significant further growth potential, particularly as we have continued to enhance its appeal, via efficiency and functionality improvements, as well as ensuring it will be able to interface to a wider group of industry standard wealth management platforms,” Buttula said.
Since IWL’s purchase of the business division from JDV in 2005, Echelons’ FUA has jumped from just over $3 billion to more than $7 billion.
IWL plans to merge its two broking platforms Plato and the Stock Highway by the end of the year. The merger will give Plato’s existing 1500 adviser clients access to the Echelon system.
The Commonwealth Bank of Australia (CBA) is also in negotiations with IWL over the whole purchase of the wealth management group.
The CBA announced its intention to absorb IWL into its broking division CommSec. The banking group is willing to pay more than $370 million for the transaction.
