MDA Operator, Future Assist Financial Services Group
Future Assist www.futureassist.com.au is a privately owned financial planning firm with offices located in Sydney, Melbourne, Brisbane and Southport. The company helps everyday Australians to achieve financial security and enjoy a better lifestyle.
Future Assist first came across MDA Operator in May 2016 whilst reviewing its client direct equity offering. In deciding to implement a Managed Discretionary Account (MDA) offering for its clients, the Future Assist Management Team, including Group General Manager Keith Bensley looked at the range of MDA technology options available in Australia.
“There are a number of competent technology providers out there, but a big point of difference with the MDA Operator offering was the support and professional expertise. Their offering is an individual HIN model, meaning that clients retain their legal ownership of their investments – something that is looked upon favourably by the regulator,” Mr Bensley said. “Under our MDA client offering, the Future Assist MDA Investment Committee implements and oversees a range of model portfolios, and MDA Operator provides the compliance and operational services, while Future Assist continues to ensure advisory compliance. This was the deciding factor for our business.”
Mr Bensley said implementing the MDA Investment Committee was made a relatively smooth process with MDA Operator playing a consulting role. “We found great benefit in dealing with competent people like Brett Westbrook,” he said. “Using his experience and getting direction from him was very helpful. You wouldn’t get that with a lot of other offerings.”
One of the technology’s biggest benefits has been in providing scale to the Future Assist business. “It’s very important to be able to react quickly as clients accumulate surplus funds to invest or as markets change, and that becomes more difficult as your business grows,” said Mr Bensley. “Using MDA Operator we’re able to move very quickly and ensure every portfolio is optimised across a large client base. It’s orderly, process-driven and was made easy to implement through professional support.”
About the technology
MA Operator provides managed account and direct client portfolio services for financial advisers, both with and without Managed Discretionary Accounts (MDA) advice designations. MA Operator’s low cost and transparent pricing together with its scalable and tailored services, proprietary rebalancing and analytics, provide scalability, cost reductions and efficiency for its clients.
MA Operator’s experienced team provides three distinct service offerings using its proprietary software, namely MDA Provider services to AFSLs whose licence allows for advice on managed discretionary accounts; managed account and direct portfolio software and services to advisers ‘SOA model’; and software and services for external MDA Providers looking to enhance their efficiency and scale.