Announcing the Global One platform, Wealth Within managing director Denis Celata said it is not just a “me too” investment platform, but rather “a significant advancement in the evolution of platforms as we know them today”.
Wealth Within executive director Lea Zerbes said the group initially gathered feedback, partly by participating in a tender process for a platform provider, to work out exactly what advisers are looking for.
Among the most significant capabilities, Global One allows for SMSF gearing by acting as the bare trust for the fund, as well as offering SMSF compliance services.
“Any entity can buy into property off the platform but it supports SMSFs, so it eliminates the need to have to set up a separate bare trust,” Ms Zerbes said.
The platform also holds direct property in custody, allowing for valuations to be performed.
“Property trusts have to value at 30 June every year and it’s no different for us,” she said.
“Everyone says it can’t be done; we just had to work out the workflows to work out how it can be done. Nothing can’t be done on a platform or in technology, it’s just ‘how do we do it.’”
The platform is product neutral and allows advisers to transact in all asset classes, including exchange traded products and all ASX-listed assets, and also has the ability to value legacy and non-custody assets, according to Ms Zerbes.
The platform allows for portfolio construction and management at both the adviser and dealer level, with three levels of portfolio construction accounted for: using Lonsec model portfolios, using strategic models developed between the dealer group and a research house, or using adviser generated models.
Under an agreement, Lonsec is providing the platform with access to its models at a cost of five basis points, meaning over time as funds under management grew they should make more money than they would have from subscriptions alone, according to Ms Zerbes.
The overall cost for access to the platform is $27.50 per month plus 10.25 basis points (an administration fee of 0.1025 per cent of funds).
The group already has principal agreements in place with around 1,800 advisers, which will be announced as they are officially signed up, according to Mr Celata.
