Astute Newsflash: Momentum Wealth the next major investment company now on Astute's platform

Following significant investment in new IT infrastructure, Astute FSE has the capability to add investment companies to the platform, with the first two providers recently signed up to have their products made available to some 18 000 financial advisers nationally and in Namibia.

Strong growth in Astute’s user base since 2001 has been accompanied by a proportional increase in what users demand in terms of services available on the platform.

And given that most advisers have indicated the need for investment products to be added, Astute has done well to bring on board products from Old Mutual and Momentum. Other providers of unit trusts and linked investments are expected to follow.

Said Astute managing director, Biddie Biddulph (pictured): “The industry is being influenced by a number of events, most notably implementation of the Financial Advisory & Intermediary Services Act (FAIS) and Financial Intelligence Centre Act (FICA). This is taking place in conjunction with the drive towards improving the education levels of financial advisers who are required to adhere to the “fit and proper” requirements of FAIS.

“Our research shows that financial advisers have moved towards improved professionalism and better practice management. In this context, intermediaries have stressed the need to have access to the broadest range of products possible.

“The resultant strategy of continued improvement at Astute has proven to be successful, making us a highly regarded partner to financial advisers,” said Biddulph.

Since 2000, 13 product providers have joined Astute’s platform and recent initiatives have resulted in leading investment companies Galaxy Portfolio Services and Momentum Wealth coming on board.

Discussions and product-mapping workshops have been held with other major players and Astute expects its platform will double in size as the new services come on stream this year and next.

“We’ll be adding immense value for users,” said Biddulph. “Time and cost savings will result in better client service for both advisers and product companies.”

Looking ahead, he said Astute’s vision was to add group schemes, medical schemes and short term insurance products to the platform.