The deal gives advice clients the option to outsource the investment selection process to Brooks Macdonald’s international division to run portfolios in its custody via Hansard products.
“Historically, Hansard have only allowed fund selection but now there are a few select DFMs that provide international solutions and retain custody,” Jonathan Mynes, head of adviser solutions at Brooks Macdonald, told International Adviser.
“That’s quite new for Hansard and we’re delighted to be one of the few select DFMs that can avail of that.”
Brooks Macdonald already has terms of business with most providers and has deals with “a few other life companies in the pipeline that hopefully will come through later on this year”, Mynes added.
Mynes became head of adviser solutions in December 2016, having joined Brooks Macdonald in 2012 when his firm Spearpoint was acquired. His new role was expanded beyond its previous remit to include all investment solutions.
Supported by business development director Linda McLaren and relationship manager Matt Wintour, Mynes’s team is responsible for coordinating relationships with advisers and the external product providers that financial advisers avail of, such as life companies, offshore pension companies, and more recently international platforms.
He describes the adviser solutions team as a “dedicated resource for advisers” and a “hub for all of the business the company does with the international community”.
The firm’s 20 investment managers all feed into the adviser solutions team.
Brooks Macdonald currently has terms of business with around 75 international advisers across the globe.
“That’s not something we see increasing dramatically because we go through quite a rigorous process to sign terms of business with financial advisers.”
Mynes explained that “roughly a third of AUM” in the international division is adviser introduced but it is the fastest growing part of the business. “Over half of our new business is coming through the adviser channel.”
This close contact with advisers has also helped to drive Brooks Macdonald’s relationships with platforms.
“UK platforms have been around for quite a while and are commonly used. They are coming around fast in the international space and a lot of advisers are talking about them,” he said.
“We want to be part of that and have done an awful lot of work with a number of platforms to make sure we can get our investment solutions on those platforms so that advisers can make use of it.”
Brooks Macdonald has already signed terms with Novia Global, Ardan International and Praemium International.
“Those are the three we hear most about at the moment.”
Still in the early stages of his new role, Mynes’s sees it as his responsibility to carry on the good and hard work that was done before he joined the adviser solutions team.
“I don’t need to change anything dramatically, as things are working well as they are,” he said. “Our strategy going forward is ‘more of the same’.