Advice group partners with new platform
By Jamie Williamson, Financial Standard
An ASX-listed platform provider has won a mandate from a Melbourne-based private wealth management firm.
Wattle Partners Private Wealth Managers has selected Powerwrap to provide its clients with platform administration and reporting services as well as alternative asset solutions.
It comes as Powerwrap prepares to expand its range of alternative assets in 2020, the platform said.
It also follows in a long line of advice groups that have taken up Powerwrap’s offering in recent months, including Suetonius Wealth Management, Sanlam Private Wealth, Newport Private Wealth, Premium Advisory, SBA Advice, Lucerne and Consilium Advice.
Powerwrap chief executive Will Davidson said Powerwrap is a strong strategic fit with Wattle Partners.
“Our platform provides the widest range of alternative assets for investors in the Australian market, and we can provide consolidated reporting across all the assets in their portfolios,” he said.
Likewise, Wattle Partners director Jamie Nemtsas said Powerwrap’s offering enables the firm to deliver a superior, more holistic service to clients.
“We were looking for a platform partner that aligned to the needs of our high net worth clients, could deliver a high level of service and provide access to a wide menu of alternative investments. It made Powerwrap the obvious choice,” Nemtsas said.
Powerwrap listed on the ASX in May 2019 and exceeded the forecasts listed in its prospectus when its first results came around in September.
It made a loss of $4.9 million, well shy of the $6.8 million that was expected. The platform also brought in more than $16 million in revenue.
In October, Powerwrap welcomed a new director to its board in Fiona Boyd. She replaced Donna Hardman who stepped down for personal reasons.