ANZ-owned wealth management business OnePath has launched a new range of products called OneAnswer Frontier to cater for the needs financial advisers employing a fee-for-service remuneration model.
The new suite of products is available through the existing OneAnswer platform.
"OneAnswer Frontier is a fully featured fee-for-service platform solution that has competitive ongoing fees that are simple and transparent for advisers and their customers to use and understand," OnePath head of superannuation and investment platforms Mark Pankhurst said.
The new facility includes an investment choice of over 80 products, enhanced administration capabilities with improved pension processing and enhancements to the transition-to-retirement support, and a flat pricing structure available at wholesale rates.
With the new pricing structure, advisers can now charge clients with a superannuation balance of over $100,000 that opt for a traditional balanced fund a fee of 0.8 per cent per year net of tax or 0.95 per cent gross of tax.
"Clients with balances of less than $100,000 also pay the same, however they simply pay an additional low annual member fee which disappears completely when reaching $100,000. This means advisers only need to use one platform for their high and low balance clients," Pankhurst explained.
The launch of the new product suite was initiated in response to adviser demand.
"We've seen increasing adviser demand for fee-for-service solutions. So we have taken this opportunity to launch a new version of the product that efficiently caters for this segment, and at the same time improve the overall offering," Pankhurst said.
"Adviser feedback has been very supportive. The entry of OneAnswer Frontier to the market will provide advisers and their clients with a range of options that supports an increasingly fee-for-service, lower-priced future," he said.
