The new exchange, called uXchange, will provide financial advisers with “simple, low-cost access to managed funds for their clients” and act as an alternative to existing wrap platforms.
MA Operator managing director Shannon Bernasconi said advisers who moved away from platforms were able to save their clients’ money by avoiding associated fees, and that uXchange would provide a new channel for advisers to do this through.
“Advisers moving away from platforms can save their clients a lot of money in fees while still easily including managed funds within their portfolios,” she said.
“For advisers already off platform, uXchange offers the ability to scale their business by reducing manual effort and offering much more straight-through processing.”
Currently, the exchange features the approved product lists of seven Australian Financial Services Licensees who intend to use the exchange to manage their clients’ portfolios, MA Operator said.
Ms Bernasconi said the company had seen an “enthusiastic takeup” of the new exchange thus far.
“uXchange offers a service that is familiar in the way it operates, is low cost and slots perfectly into existing workflows,” she said.
Read more:
‘Licensees of last resort’ under scrutiny
RBA governor upbeat on economy
Asset managers must be more ‘resilient’: ASIC
Moody’s downgrades banks’ credit ratings
