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Shartru Wealth set to launch MDA service

Shartru Wealth set to launch MDA service

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By Scott Hodder ·
November 03 2015

Shartru Wealth set to launch MDA service

Self-licensed advice firm Shartru Wealth is set to launch its own Managed Discretionary Accounts (MDA) service in order to better serve its clients.

Shartru Wealth set to launch MDA service
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Speaking to Adviser Innovation's sister publication ifa, Shartru Wealth chief executive said the self-licensed firm will be launching its own MDA after 12 months of putting the service together.

Developing the service with the assistance of Managed Accounts Holdings, Mr Coyte explained that after initially looking at what the services can offer, he now believes MDAs are the "the only way forward" for investments.

"What we needed to do is find some middle ground, and the MDA has been great at being able to find a whole lot of solutions that we can facilitate for clients," Mr Coyte said.

Mr Coyte also said that Shartru Wealth is also looking to expand its advice network - which currently has 12 advisers - and also target accountants who are rushing to find a solution to meet the changing regulatory requirements for superannuation and SMSF advice.

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"We don't equate good financial planners as those that necessarily generate the most revenue or appear in the media singing their own praise. We consider the best advisers are those that seek the best possible advice alternatives and solutions for their client."

"The only criteria we have in regards to joining Shartru Wealth is their philosophy and attitude towards providing advice," Mr Coyte said.

Mr Coyte added that a lot of advice firms feel the need to solve their licensing problems by self-licensing, but the time and costs required to manage a license can be quite onerous.

Instead, Mr Coyte explains that advisers should consider joining an AFSL that reflects the same objectives and goals they want for their business.

"The real saving or benefit by joining like-minded advisers is the scale you get in other areas including opportunities for your clients and your business," he said.

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