ANZ to release Grow Wrap platform service

ANZ managing director for the Australian wealth division Alexis George said in a media conference call yesterday morning that, in developing Grow Wrap, it went with a different pricing mechanism that was quite competitive and simple.

"The clients only pay for what they use, so there are various options that the clients and their financial planner can choose, so they don't have to pay the highest price if they don't need the luxury kind of service," Ms George said.

The platform will include access to ASX listed securities, more than 180 managed funds, listed investment companies (LICs) and real estate investment trusts (REITs).

Ms George said it has partnered with Macquarie in producing Grow Wrap and also in replacing the existing Oasis platform over the next 12 months, saying it is one of the best providers in this space in the Australian market.

Ms George also announced that ANZ will provide a 10 per cent discount on combined death and total and permanent disability (TPD) policies valued over $1.5 million.

She said that the combined Death/TPD policies will be available until the end of the year, but the discount itself will be a lifetime duration.

"We're really trying to encourage our customers to see that they have the appropriate level of cover," Ms George said.

"Pricing is incredibly important at the moment and clearly there's a lot of attention on that from many aspects of the industry.

"Clearly the market is in a competitive space at the moment, and I think it's important for us to remain competitive."

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].