Shartru Wealth Management – Managed Discretionary Accounts
IFA Magazine’s Scott Hodder reports that Shartru Wealth Management has launched a MDA service
Tuesday, 03 November 2015
Self-licensed advice firm Shartru Wealth Management is set to launch its own Managed Discretionary Accounts (MDA) service while also looking to bolster its advice network.
Speaking to ifa, Shartru Wealth Management chief executive said the self-licensed firm will be launching its own MDA after 12 months of putting the service together.
Developing the service with the assistance of Managed Accounts Holdings, Mr Coyte explained that after initially looking at what the services can offer, he now believes MDAs are the “the only way forward” for investments.
“People at the moment are either in stock markets or they are in cash, but cash is yielding next to nothing and stock markets are sitting on a lot of risk,” he said.
“What we needed to do is find some middle ground, and the MDA has been great at being able to find a whole lot of solutions that we can facilitate for clients,” Mr Coyte said.
Mr Coyte also said that Shartru Wealth Management is also looking to expand its advice network – which currently has 12 advisers – and also target accountants who are rushing to find a solution to meet the changing regulatory requirements for superannuation and SMSF advice.
“The only criteria we have in regards to joining Shartru Wealth Management is their philosophy and attitude towards providing advice,” Mr Coyte said.
“We don’t equate good financial planners as those that necessarily generate the most revenue or appear in the media singing their own praise. We consider the best advisers are those that seek the best possible advice alternatives and solutions for their client.”
Mr Coyte added that a lot of advice firms feel the need to solve their licensing problems by self-licensing, but the time and costs required to manage a license can be quite onerous.
Instead, Mr Coyte explains that advisers should consider joining an AFSL that reflects the same objectives and goals they want for their business.
“The real saving or benefit by joining like-minded advisers is the scale you get in other areas including opportunities for your clients and your business,” he said.