Bendigo and Adelaide Bank has announced it will be launching a new platform for investors later this month.
Called Trinity3, the new offering will give investors access to discretionary investments such as managed funds and shares, model portfolios via separately managed accounts (SMAs), and cash products.
"There is no question that advisers today need investment platform services that can save time and deliver a competitive edge for their business," Bendigo and Adelaide Bank wealth and third party banking executive John Billington said.
"Trinity3 is a fully integrated, transparent and connected platform. Importantly, it is low cost and delivers the latest technological advances, making it accessible and applicable to a wide-range of investors," he said.
The bank's new platform has been created from scratch, allowing it to avoid any issues with legacy products that can result from other platform generation methods.
"Legacies are created when platforms seek to reduce costs by increasing scale. Mergers and acquisitions are meant to reduce costs, however bigger is not always better - it's often more complicated. Operational expenses are increased and the client and adviser experience is affected," Billington said.
By including SMAs on the product, Bendigo and Adelaide Bank is looking to dispel the perception that these types of instruments are not worth investing in because they are too expensive.
"The administration fee on Trinity3 is just 44 basis points, well below the market average. We will therefore focus on working with advisers to ensure they have the right support and tools so they may effectively demonstrate the benefits to their clients," Billington said.
The move marks the bank's commitment to its wealth business.
"We are committed to servicing the financial adviser community and believe this platform offers a level of functionality that is not widely available on the market," Billington said.
