Choosing the right managed portfolio provider

When MIQ Private Wealth in Brisbane decided to become self-licensed at the end of 2017, managed portfolios were also ear-marked as part of the new business model as an efficient way to deliver its strategic financial planning service. MIQ is a national firm with offices in Brisbane, Sunshine Coast, Gold Coast, Geraldton, Canberra, Toowoomba and Tumut.

During the license journey, MIQ met with every platform and managed portfolio provider in the market and by August 2018, it had chosen a provider and become self-licensed.

The business chose its current managed portfolio provider because it was the only platform provider that satisfied all of its requirements, including competitive pricing and leading-edge functionality and importantly, it would allow MIQ to engage an external Responsible Entity.

“This was a sticking point with other providers,” says Anne Clare, MIQ Private Wealth Partner and Financial Planner. “Also, we liked that HUB24 was listed and our clients could see its shares on the market and that it was Australian owned. It was a good story to tell our clients.”

However, the ultimate reason MIQ selected HUB24 was because it wanted to have a relationship with its platform provider. “We wanted to work with a group who wanted to work with us. Communication and relationship were really important to us.”

Demonstrating HUB24’s commitment to the due diligence process, HUB24 sent its senior staff including its Head of Distribution and Head of Platforms to meet partners of the business and to understand their needs.

“It really set the tone, that they treat us like we treat our clients,” says Clare.

Read the full HUB24 Whitepaper now: “How managed portfolios transformed our business“.