24/02/2022 Press Releases 2 minutes to read Back to all News & Insights

Praemium has consolidated its top 3 position, with the greatest percentage gain of the top 4 platforms in the Investment Trends Platform Competitive Analysis and Benchmarking Report 2021.

Of the six categories that comprise the report, Praemium was rated no. 1 in three categories, the most wins for any platform assessed in the report. This included Online Business Management, Decision Support Tools and Security and Data Integration.

The strong results follow a record year of fund flow and FUA growth, the integration of the Powerwrap business and the recent announcement of the sale of the international business to Morningstar. With the ability to now focus exclusively on the Australian market, Praemium has continued to invest solidly in the development of the platform and delivering on client needs.  

Commenting on the results, Praemium’s CEO Anthony Wamsteker said, “For the second year running Praemium secured the number one position for the Security and Data Integration category by a healthy margin. Our market-leading API and non-custodial assets capability give us a strong competitive advantage, especially in the private wealth/HNW investor segment. Our strategy is to build on our market-leading position in this segment which requires ongoing commitment to those areas which are important to financial advisers including managed accounts, reporting, and service excellence. We remain confident that this will ensure that we continue to improve both our non-custodial and custodial platform functionality throughout 2022.”

After a year where there was significant focus on delivering functionality that facilitates the regulatory requirements of Design and Distribution Obligations and Fee Consent, Praemium has delivered several additional enhancements designed to increase adviser efficiency, improve the digitisation of the advice service and deliver better outcomes for investors.

Praemium’s Chief Commercial Officer noted “While some competitors are aspiring to develop non-custodial functionality and administration which is a complex area, we’ve continued to build on our unique technology platform since 2001. Over the last year, we have delivered ongoing enhancements to our API integration and launched machine learning to identify reconciliation errors in non-custody reporting. This helped to extend our leadership in the category.”

Walker adds “Gaining the most category wins in the report as well as placing 3rd in the Reporting and Transaction Tools categories potentially makes the number 1 position very attainable in future, however, our development roadmap will always prioritise the key needs of our clients first.”