Managed accounts driving Macquarie Wrap growth

In a statement, Macquarie said funds under administration on its Macquarie Wrap platform had grown to $101.4 billion for the year ending 31 March.

The bank said almost half of the funds on platform were attributable to super and pension accounts, while SMA funds had recently surpassed $5 billion, up from $3.3 billion in 2019.

Macquarie currently held a 21 per cent share of the platform market and had 7,200 advisers using Macquarie Wrap.

“We’re proud of this growth as it demonstrates the significant value advisers and clients are seeing in our platform and our broader wealth management offering,” Macquarie head of wealth product and technology Michelle Weber said.

“We’re seeing that Macquarie’s strong brand in this space, our leading platform, and the access to the deep expertise of our people and the broader insights of Macquarie is an offering that is really resonating with advisers.”

Ms Weber added that the group was focused on helping complement advisers’ services by allowing them to leverage technology to build more efficiency into their business.

“We see that technology is increasingly becoming critical to enabling financial advice which is why we’re focused on delivering solutions that drive connectivity and efficiencies for advisers. This means that they have more time to develop deep relationships with their clients,” she said.

“While technology will drive efficiencies, we very much view these solutions as being complimentary to the advice provided by an adviser.

“We’re a committed partner to the financial advice industry in Australia, demonstrated by ongoing investment in our platform and the continued delivery of products, features and support that get to the heart of what advisers are telling us they need.

“We see that our offering is being well-received by advisers and their clients, demonstrated by the continued strong flows and growth in funds under administration on the Macquarie Wrap platform.”

Want more content on technology and innovation? Register here for this year's Adviser Innovation Summit.