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Tech innovation investment paying off in Consilium Wrap growth

, Written By Consilium

Tech innovation investment paying off in Consilium Wrap growth

Consilium’s investment in world class financial technology is being rewarded by the independent adviser community, with their Consilium Wrap service set to grow to $4 billion in funds under administration in the next calendar year.

The Consilium Wrap custodial platform service is the fastest growing customised FNZ platform in the world, with $3 billion currently under administration and another $1 billion agreed to transfer this year.

“Consilium Wrap is delivering best of breed custodial technology with world-class service and support to advisers and their clients. We’ve transferred over 45 independent advisory practices onto our platform so far and have the people and technology to make the process as painless as possible,” said Scott Alman, Consilium Managing Director.

“We have committed to ongoing investment and development of Consilium Wrap to ensure we are offering the most advanced platform in the market, coupled with the best service. We want to change the world of Wrap platforms, and it’s rewarding to work with advisers who share our vision,” said Scott Alman.

Growing client assets and our team

The independent adviser community values innovative technology which supports growth and simplifies their day to day operations. Funds on the Consilium Wrap platform have grown exponentially adding over $1.1 billion in the last 12 months alone.

This rapid growth is a testament to the Wrap platform as a solution for advisers. Solutions such as a low cost multi term deposit facility enables advisers to capture client assets that were otherwise ineffective to hold in custody.

Driving technological advancement on behalf of a large number of advisers uniquely places Consilium as an advocate for independent advisers. The recent membership to the Financial Services Council positions Consilium to be a voice for the independent adviser.

Consilium is also investing in building its team and resources around New Zealand to meet their growing demand, and ensure advisers receive the very best experience and service when they join the platform.

Consilium’s customer service team acts as a conduit between the adviser and the custodian, supporting the use of new technology, simplifying the onboarding process and driving efficiencies. Plans are in place to increase the Consilium team from 23 to 40 by the end of 2019.

 

Innovating with world class partners

Future innovation, investment in technology and scalability were the key considerations in Consilium’s decision to work with global solutions provider FNZ.

“Five years ago, we went through an exhaustive RFP process with a clear focus on finding the best of breed technology. We looked for a future focused partner to enable us to scale as we grew. We went on a research trip to the UK and after reviewing their investment and development plans, it was obvious they were the clear choice.

“Working with the largest custodial platform provider outside of the US gives Consilium and the NZ adviser community direct access to the latest tools and developing technologies like blockchain, as they come available,” said Scott Alman.

Advisers are utilising this new technology to improve their clients’ results and enhance their own businesses by reducing time spent on basic processes. One example is electronic identity verification which simplifies the onboarding process.

To keep improving the Wrap platform experience, Consilium is working on future developments including:

  • An integrated adviser portal, making data and other tools available in one secure and easily accessible place
  • A dedicated investor app, set for launch in late 2019, will offer instant access, visibility and easy reporting tools for investors
  • Consilium Wrap, which will be future proofed through open architecture with an API plug in, offering end-to-end solutions overlaid with web-based adviser tools.

 

www.consiliumnz.co.nz and consiliumplatform.com