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Eureka Report’s new platform to charge asset-based fees
(Pictured: Connie Mckeage)
The new Eureka Report and OneVue will charge broker fees or asset-based fees for the range of investment products on their new investment platform brightday.
OneVue Group chief executive officer, Connie Mckeage, said the platform was created for the kinds of investors that have some interaction with professional advisers and accountants but like to have some control.
Investors will be able to access shares, managed funds, retail superannuation and SMSFs, and cash via the platform.
“There’s actually quite a large choice … because both Eureka and ourselves wanted to offer a full array,” Mckeage said.
“There’s quite a large approved product list on the share side”
Managed funds will also include the smaller boutique funds and SMSF trustees will be able to use the platform too.
Mckeage said they didn’t want a remuneration structure that forced fund managers to pay platform fees.
“We were quite clear on driving particular behaviours in a particular way.”
She said that OneVue and the Eureka Report will be remunerated in a number of different ways.
“There are transaction fees for certain types of transactions if you buy and sell a share…and some ongoing asset-based fees,” she said.
The two parties have been talking for close to 18 months but Mckeage said OneVue had been considering this kind of platform for three and a half years.
“Realisticly we had a digital idea about three, three and half years ago but we were going to go with one of competitors who pulled out.”
The platform does not yet involve advice but Mckeage said she expected it would eventually.
“At the moment they don’t have anything in-house but we were very clear that we want to support people that are on more of non-commissioned fee for service,” she said.
“At the moment it will probably just be a referral and over time we will make it more and more automated.”
