Axa Wealth is developing a consumer-driven version of Elevate which will allow advisers' clients to transact directly on the platform.
Chief executive Mike Kellard (pictured) says the company has a prototype in place and will roll-out the consumer version before H2 next year.
"I believe there will be lots more self-directed business as consumers become more financially educated and more people use online banking," he says. "So we will build a version of Elevate which is consumer-friendly and are working on this now in partnership with advisers."
Kellard explains the new model is being developed so advisers can offer clients a consumer-only service through a white label or joint branding partnership.
The first version will be a basic model offering ISAs and mutual funds. Kellard says building the consumer-friendly model does not require huge investment as Axa Wealth owns some of the technology underpinning Elevate. Technology outfit First NZ also owns some of the technology.
Kellard stresses the undertaking is about empowering advisers and enabling them to access "orphan clients" rather than being an assault on the direct-to-consumer market.
"We believe we will get more traffic going through IFAs," he says. "We think the vast majority of consumers have some link with IFAs."
The development of Elevate's new model comes as research conducted by The Platforum shows the direct to consumer platform space is evolving rapidly as investors increasingly crave execution-only services.
Managing director Holly Mackay says advisers will need some form of execution-only platform in the future and thinks the boundaries between adviser and D2C platforms will diminish.
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