Tilney Investment Management has launched MasterAccount, which allows advisers to white-label their own wealth management service. The package, which is a combination of both an investment administration and reporting platform as well as an investment management service, already has £100m of assets and 25 adviser firms committed to it.
The investment platform offers constantly updated valuations of a client's portfolio and shows all their assets, including property and other legacy assets, to give a complete picture of their total wealth.
Investments are also broken down by product and asset class to ensure the investment management service, which is supported by the firm's chief economist, Peter Bickley, its Asset Strategy Group and its funds analysis team, has the client exposed to investments that reflect their risk and return profile. "We are delighted so many advisers have taken up the opportunity to use the MasterAccount, especially as many have recognised the need to outsource the responsibility for managed client investments in order to focus on strategic financial planning and client relationship management," said David Gurr, a director at Tilney.
As the product is white-labelled, all brochures, reports and any website are displayed under a firm's own branding and, while the fact Tilney is providing the investment management is made clear, each client's exposure to an adviser's partnership with Tilney is controlled by that adviser.
The annual cost for the service will be 1.3% plus VAT with the adviser's ongoing service charge of 0.5% included. Where funds managed exceed £1m, the charge reduces to 0.9% plus VAT, including the adviser's 0.5% service charge which, at this level, is negotiable with the client. A flat fee of £40 per transaction will be applied. As the fund targets high net worth clients, the minimum investment level is £50,000.
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