Consilium picks up $65 mill mandate

Become Wealth has successfully transitioned $65 million in funds under management to the Consilium Wrap platform

Monday, June 17th 2024, 3:50PM

Headquartered in Auckland and servicing clients across New Zealand, this strategic move included $60 million from one custodial platform and $5 million from another platform.

Become Wealth chief executive Joseph Darby said the decision to transition the company’s investment client base to Consilium came as the result of a need to streamline operations after an acquisition which resulted in several investment platforms being operated simultaneously.

"It was important to choose the best long-term partner for us and for our clients. Consilium has invested in platform technology that is responsive and uses global custodial technology provider, FNZ Limited, who has the scale to set us up for the future,” Darby said.

“Our decision to transition was primarily adviser-led, as the advisers in our firm have always appreciated the professional approach of Consilium staff, the ease of making changes on Consilium Wrap compared to alternatives, plus Consilium’s focus on delivering cost efficiencies and other benefits to our clients.

“Most of all, our advisers particularly appreciate the time and effort the Consilium team put into helping our firm grow, which is of course beneficial to our clients.

“The Consilium team assisted with all aspects of transferring the FUM across, including help with client correspondence, processing of the transfer, and assistance with an overlapping project to ensure our fee structure was more appropriately benchmarked to market.

“The transfer was easier than anticipated, and if we had known it would be this simple, we probably would have transferred much sooner.”

Consilium managing director Scott Alman said "Our wrap transition team worked closely with Become Wealth to tailor our support to their specific requirements, which allowed Become Wealth to continue focusing on growing their business while we undertook the administration on their behalf.”

Become Wealth now has just under $100 million total FUM across Consilium Wrap, Evidential, and KiwiWRAP KiwiSaver Scheme.

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