Consilium UnWrapping Wrap 2.0
, Written By Consilium
The Consilium team has been demonstrating the new features of the enhanced Wrap 2.0 platform at presentations around New Zealand and anticipation is building ahead of the April product launch.
“There’s been incredible interest and attendance at the events, and we’ve received excellent feedback from advisers,” says Managing Director Scott Alman.
“It’s all part of our vision and commitment for Consilium Wrap to be the most advanced platform in the market,” he says.
“Some key benefits for advisory businesses include Wrap 2.0’s interactive dashboarding, a toolbox to help increase the value of advice and make advisers’ lives easier such as stochastic modelling, investment research, and paperless onboarding, plus the ability for client profiles to be created independently and linked to multiple accounts,” he says.
Consilium works with over 100 firms using the platform and has managed technology transfers for more than 50 clients from other providers’ platforms in the past couple of years. The Consilium service now manages over $4.2 billion in funds under administration.
“Our partner FNZ is the largest custodial platform provider outside of the US and working with them gives Consilium and the NZ adviser community direct access to the latest developments,” Scott Alman says.
FNZ Chief Executive Adrian Durham says, “Importantly, once you are on our core technology platform it is continuously upgraded everywhere around the world so there is a continuous upgrade path funded by the £40-£50 million (which is NZ$80-90 million) which we spend every year on R&D.”
Some of the platform’s other benefits are that it is an API-enabled and highly configurable set of services.
“It delivers a modern proposition which we think is a long way ahead of anything that is otherwise likely to be available in the New Zealand market,” Adrian Durham says.
“We are very much looking forward to seeing the market where we started this company benefit from the huge investment we have made in technology in this sector over the last decade,” he says.
Heading up the transition team for Consilium Wrap 2.0 is Product Manager Dayle McDonald, who has worked at Consilium since the company began.
“The launch of Consilium Wrap 2.0 gives us the opportunity to implement feedback we have received from advisers and clients over the last four years,” Dayle says.
“Our collaboration with FNZ has enabled us to deliver some amazing technology. FNZ is committed to bringing their scale to New Zealand with Consilium,” she says.
“Beyond the technology on offer, it is our service that sets Consilium apart and has been our focus from the beginning. My experience with other platforms available in the New Zealand market, and my career dealing with advisers every day means I can truly say Consilium’s service will help advisers get the most value out of this new technology. It is going to tick a lot of boxes.
“I have been a part of the Wrap from the beginning. It’s great that we are investing in our service with a 30% increase in direct support staff resourcing ahead of the launch next year,” she says.