OnePath has launched a new range of fee-for-service products called OneAnswer Frontier.
The company says it combines competitive wholesale-style pricing with benefits advisers expect from a fully featured retail platform. It should also complement the current range of fee options available through the OneAnswer suite, giving advisers more choice and flexibility when it comes to servicing their clients and managing their cash flow needs.
OneAnswer Frontier leverages the comprehensive features and services that OneAnswer provides, however, OneAnswer Frontier delivers distinct fee for service pricing and remuneration options – unbundled from the product.
OnePath Head of Superannuation & Investment Platforms, Mark Pankhurst said: “OneAnswer Frontier is a fully featured fee-for-service platform solution that has competitive ongoing fees that are simple and transparent for advisers and their customers to use and understand.”
OneAnswer Frontier’s wholesale-style pricing approach means that advisers can offer a traditional ‘Balanced’ fund for their superannuation clients with over $100k in super for only 0.80% p.a. ‘net’ or 0.95% ‘gross of tax’. An OptiMix multi-manager Balanced fund will only be 0.89% p.a. ‘net’ or 1.05% p.a. ‘gross of tax’ per annum. Other options (such as index funds) are much lower than 1.00%.
“Clients with balances of less than $100k also pay the same, however they simply pay an additional low annual member fee – which disappears completely when reaching $100k. This means advisers only need to use one platform for their high and low balance clients,” said Pankhurst.
OneAnswer Frontier provides pricing simplicity with a flat pricing structure that is uniform across OneAnswer Frontier’s Personal Super, Pension and Investment Portfolio products. The low minimum entry amount makes the product range available to a wide range of both high and lower balance clients – allowing advisers to grow their clients’ wealth overtime within one platform solution.
OnePath worked closely with advisers to ensure OneAnswer Frontier captured the needs of advisers looking to adopt a fee for service model.
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