Financial services firm Snowball Group is in the process of reviewing its suite of product providers in a bid to secure lower costs on platforms and portfolios for its clients.
"We're looking to get the efficiency dividend through to our customers and that means lower cost platforms and smarter portfolios and to do it in such a way where there is no unnecessary connection between the product and the advice so that we can absolutely, on behalf of our clients, hire and fire on merits, Snowball managing director Tony McDonald said.
McDonald would not be drawn on whether the listed group's review process would mean severing ties with its existing business relationships.
"We've looked and continue to look at the whole white label platform space and we're well down the path on looking at that," he said.
"We're looking at lowering the platform costs for our clients. We're looking at ways to do two things in the portfolio, to lower the cost but to bring alpha managers who charge more but deliver more value.
"It's not about price it's about value in that regard and where it isn't alpha returns we're looking at lowering the cost of the market return."
McDonald could not comment on whether Snowball would need to fund any shortfalls if the reduction of costs for clients is achieved.
"It's the $64 million question. Costs need to come down and the question always is who needs to take the biggest haircut," McDonald said.
"Our view is across the board to make sure we're sustainable and profitable so that we can continue to do bigger and better things.
"I think it might be a little of less here and more there and it all evens out in the end, but there's no doubt in our view that there are parts of the supply chain where the efficiency dividend needs to come through more."
