WealthO2 the fintech for financial advisers, has surpassed half a billion in funds under administration, an increase of more than 60% in six months.
MD Shannon Bernasconi said the growth had come from more than 35 non-bank aligned adviser groups using the technology, with new business coming purely from referrals and word of mouth.
“Our technology helps advisers more easily demonstrate that they’re meeting best interest practices in their delivery of advice to investors,” she said. “We don’t have sales people at WealthO2, so all our growth is due to referrals from existing clients. We’re both grateful and very proud of that.”
User Nigel Baker, Director at Arch Capital, said: “Partnering with WealthO2 enables our business to be more responsive to market changes, be more efficient and drive scale. Their client servicing is excellent, and they really listen and deliver on our needs. It’s great to be able to control our own APL and culture in communications with our clients.”
James Gerrard, Director at FinancialAdvisor.com.au said the transparency and efficiency offered by WealthO2 has key in his firm’s decision to take up the technology.
“Automation not only saves us time and cost but it creates a crystal clear audit trail for us and our clients,” he said. “That’s a big benefit for us and our clients.”
The WealthO2 team has also grown this year. Hong Nguyen, previously at Hub24, has joined as Senior Product Development Manager; Shai Saar, has joined the development team from his previous role as Head of IT at Telstra SNP Monitoring; and Joy Lopez has moved from Intiger Asset Management to be Client Services Manager.
WealthO2, which launched in August 2016, offers low cost solutions and services for Managed Accounts (MA Operator); Managed Discretionary Accounts (MDA Operator); managed funds (uXchange); and Superannuation (Super Simplifier).
WealthO2 managed account service is a wide-ranging fintech solution for advisers offering three different services:
- A complete service for MAs and MDAs, including risk and compliance management, which replaces numerous systems and processes advisers currently need to use to offer MDAs to clients
- Software and services solution for advised ROA based managed accounts and direct portfolios; and
- Software and services for external MDA Operators looking to improve efficiency and scale.