Macquarie recently launched a new low-cost investment menu to its Wrap platform, designed to help financial advisers provide high-quality investment options to clients with simpler investment needs.
Macquarie's multi-year effort to reset its platform offering has provided advisers using its Wrap platform with a new investment menu option for less complex clients, in the form of Macquarie Consolidator Engage.
Quietly introduced in late-November, the new option charges clients a flat administration fee of $240 per year deducted monthly and offers "a number of" separately managed account model portfolios managed by Macquarie, as well as "a range of term deposits".
Investment costs range from 0.00% to 0.478% of the asset value of the managed investment or SMA which clients and their adviser choose to invest in.
Macquarie said Engage will allow clients to move seamlessly to the firm's broader Consolidator investment menu when their needs become more complex.
The firm also said early support for the new option had exceeded expectations, with several dealer groups and self-licensed firms adding it to their approved product lists.
Earlier this week the financial services conglomerate said it expected its 2020 financial year performance to be down on last year, despite growth in the firm's asset management and banking and financial services divisions this quarter.
Macquarie Group chief executive Shemara Wikramanayake said the business still expects to fall short of last financial year's performance, even though future market conditions made forecasting difficult.