Boutique financial planning company Henderson Maxwell has shifted $100 million from traditional platforms into Sydney-based firm Investment Administration Services' (IAS) managed account service.
The vast majority of the money was taken out of Asgard's eWRAP platform, Henderson Maxwell chief executive Sam Henderson said.
The move allows Henderson Maxwell to custom design portfolios made up of Australian-listed securities, hybrids and term deposits within a managed account structure.
Henderson Maxwell controls investment decisions for clients using an in-house portfolio management committee made up of six advisers and two external members.
Portfolio changes and corporate action decisions are now made in minutes rather than days, without the need for adviser involvement and the need to send records of advice to clients, Henderson said.
"This reduced administration allows advisers to spend additional time on existing client relationships and new business opportunities," he said.
Henderson Maxwell planned to transition another $130 million to IAS's managed account service from various platforms over the next 18 months.
