Netwealth launches private label with Fortnum

The new service extends Netwealth's partnership with Fortnum, which is already receiving a range of services from the platform provider. Last year, formerly Netwealth-owned dealer group Financial Planning Services Australia (FPSA) had merged its operations with Fortnum to create a new licensee offer.

The latest deal is one of at least five private labels Netwealth has in the making, with details of the others to be announced the end of Q1 2016, the company said in a statement.

Netwealth joint managing director Matt Heine said: "We are really pleased to further strengthen our relationship with Fortnum which already includes platform, financial planning software and compliance services to the broader Fortnum Group of 54 principal practices and 130 advisers servicing approximately $3.4 billion funds under advice.

"Our managed account service continues to gather momentum with strong support from clients across different segments of the market, including strong interest from traditional stockbroking and investment firms," Mr Heine said.

Meanwhile, Innova Asset Management director Dan Miles said Netwealth's history in delivering solutions to the IFA market "aligns perfectly to what we want to achieve for both our advisers and clients".

Fortnum managing director Joel Taylor added that "the combination of Innova's Dynamic Asset Allocation framework with one of Fortnum's preferred (and award-winning) platform partners in Netwealth promises to be a powerful proposition for clients and advisers alike".