Investment service provider Financial Prosperity Wealth Solutions (FPWS) intends to focus its attention on the unified managed account (UMA) market following a re-brand earlier this month.
FPWS has changed its name to WealthPortal after reshuffling its underlying shareholders of the FPWS Managed Account Service.
In line with the re-brand, WealthPortal intends to roll out a full suite of UMA services at the end of August.
"The UMA service offers a portfolio administration and online reporting for all assets and liabilities in a single investment service, giving advisers and their clients transparency," WealthPortal chair Robyn FitzRoy said.
The benefit of a UMA is that it can manage any type of asset whether it be traditional managed funds, separately managed account, listed securities or privately owned assets, FitzRoy said.
WealthPortal has worked with its responsible entity OneVue Limited and partners Australian Money Market and Justsuper to address the shortfalls of existing platforms in Australia.
"We at WealthPortal have been developing this platform with OneVue for some time and we are excited to be offering this service within a matter of weeks," FitzRoy said.
