More than 70 per cent of advisers using managed accounts believe their businesses have become more efficient as a result, a new report from Netwealth has shown.
The company’s AdviceTech Report 2018 found 73.73 per cent of managed account users “agreed it improved efficiency”.
The report also found use of managed accounts has grown almost 5 per cent in the last 12 months, up to 39.34 per cent of businesses, with practices which own their own AFSL adopting managed account technology “significantly more than the average”.
Client base size was also identified by the report as a driver of managed account adoption, with 47.06 per cent of practices with more than 500 clients using them.
“Managed accounts represent a new wave of platform technology for advice practices. They have the potential to deliver consistent and reliable investment management processes in ways previously too complex or not cost-effective,” the report said.
“Their use creates a consistent investment process where clients know what to expect and are clear about the value proposition of a business.”