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Merger launches new market player in FI

15 December 2016 By Hope William-Smith


Businesses with high funds-under-management (FUM) and no platform are buying new platforms with growing distribution networks to serve retail customers, financial planners and the middle market looking to invest in large cash balances, thanks to a merger between Trustees Australia and fintech enabler, Cashwerkz.

The combined business would see those who needed a term deposit or cash related product able to access the new marketplace for cash, which Adock Private Equity, the company behind Cashwerkz, chairman, Brooke Adcock, said would significantly streamline and improve services.  

Adcock said that the technology brought to the merger by Cashwerkz would benefit incumbents and be open to independent financial advisers (IFAs).

"While some incumbents are keen to use the cost and difficulties associated with compliance of cash investments to 'own' their clients, consumers in many markets are now empowered by technology to break those compliance shackles and access better deals," he said.

"There is an enormous opportunity to scale the business by expanding into the before now, too granular and untapped retail market, the up-until-now paper based middle-market, and the before-now too time-consuming IFA market."

Cashwerkz and Trustees Australia would also reach out to other financial service providers to expand on future projects and revenue opportunities.

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