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Hmh Advisory targets those who want guidance before committing to a full financial advice service.
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Mid-tier firm launches investor starter pack
12 September 2023
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9 minute read
A Victorian accounting and financial services firm has launched an online wealth management platform aimed at entry-level investors that requires only $5,000 to get started.
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Hmh onlineinvest is managed by hmh Advisory (formerly Haines Muir Hill) and offers four diversified portfolios covering a range of risk and return profiles.
The firm said it targeted those who wanted professional portfolio assistance without a full personal financial advice service, such as newcomers to investment or the offspring of existing clients.
Managing director Kristian Lunardello said the product has been tailored to the firm’s core clientele of small-to-medium business owners.
“Not every client needs personal advice experience and the new online solution gives them a choice in how they wish to access the company’s wealth management expertise,” he said.
Onlineinvest director Eli Staub said it would also help attract the next generation of clients.
“We are very aware that personal financial advice is beyond the reach of many young adults, due to the heavy compliance burden on the industry and resultant fee structures,” he said.
“We can now let the children and other relations of our clients know that they have a simple and lower-cost avenue to access our wealth management expertise, to help them invest in a sensible way.
“There’s a right way and a wrong way to invest, and if more young people can learn about the benefits of investing via professionally-managed, diverse portfolios – rather than trading – the better.”
Melbourne-based investment platform OpenInvest is collaborating with hmh Advisory on the offering.
OpenInvest head of distribution Ravi Verma said hmh onlineinvest offers advisers the opportunity to reach a broader audience and leverage innovative technology.
“We are in the earliest stages of the greatest intergenerational transfer of wealth in history, with $3.5 trillion passing through the generations over the next two decades,” he said.
“Strategic wealth management firms are reaching out to young people now, and not waiting until they meet their criteria for serving HNW clients via personal advice.”
“I’m fond of framing this opportunity/threat equation in pretty stark terms. If firms aren’t trying to help young adults now, then how can they expect them to come to you when they have grown their wealth, including via inheritance?”
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