Platform provider homes in on HNW market growth

According to the platform provider, the Praemium Spectrum offering has been designed to meet the complex needs of high-net-worth (HNW) investors, giving advisers the tools to deliver a “truly holistic wealth management experience”.

Praemium said this new offering “sets a new standard for private wealth management” and reinforces its commitment to “delivering excellence and growing significant market share in this segment”.

Spectrum allows advisers to manage their account digitally, including regulatory data and anti-money laundering (AML), common reporting standard (CRS-FATCA), client classification, and fee consent.

“This digitisation ensures compliance and reduces administrative burdens for both investors and advisers,” Praemium said.

Advisers will be able to access a wide range of investment options across bonds and managed funds, term deposits and managed accounts, domestic and international equities, and alternative assets, and report on both custody and non-custody assets.

Praemium chief executive Anthony Wamsteker said the new offering aligns with the company’s commitment to deliver better solutions for advisers.

“We are thrilled to launch Praemium Spectrum, as it brings together the breadth and depth of experience that Praemium has in servicing our private wealth clients, in a flexible structure that we believe no other platform can truly match,” Wamsteker said.

“With Spectrum’s ability to report on total wealth across custody and non-custody and deliver a comprehensive digital onboarding and service experience, our advisers are better equipped to cater to the increasingly unique requirements of their high-net-worth investor client base.

“This platform advancement embodies our commitment to empowering advisers with cutting-edge tools, seamless onboarding, and digitised investment management capabilities, enabling them to provide unparalleled services and achieve exceptional outcomes for their clients.”

The 2024 High Net Worth Investors report, released by Praemium in conjunction with Investment Trends last month, found that the HNW investor market has grown 8.7 per cent, from 635,000 in 2023 to 690,000 in 2024, and now manages $3.4 trillion in investable assets, up from $2.98 trillion in the previous year.

Despite the growth seen in this demographic, the report found that 58 per cent have unmet advice needs, up 15 per cent to 300,000 investors.