Benefits of Sharesight's professional plan vs WRAP platforms

by David Olsen, Senior Marketing Manager — Content/SEO, Sharesight | Aug 9th 2021

Financial advisors are increasingly turning away from traditional WRAP platforms to better service their clients. Sharesight's professional plan provides a low-cost alternative to these platforms and many advantages for both advisors and their clients. With easy data aggregation plus advanced performance and tax reporting, it’s time you took a look at Sharesight's professional plan.

Sharesight's professional plan vs WRAPs

Why financial advisors are going off-platform

According to Platforum research, the key reason why financial advisors are looking to transfer away from WRAP platforms is cost; costs you will need to pass through to your client in an increasingly competitive space. Alongside this were decreased service levels and a lack of investment choices.

This is where Sharesight's professional plan comes in. With lower costs and an investment agnostic platform, Sharesight's professional plan makes it easy for your clients to track investments directly in shares, managed funds and ETFs executed through a broker or provider of their choice. This allows you to deepen your client relationship by passing on lower costs and increasing the amount of time dedicated to providing advice.

The high cost of WRAP platforms vs Sharesight's professional plan

To illustrate the cost savings of moving to Sharesight's professional plan, let’s break down the cost of administration and account keeping fees on a $1,500,000 portfolio for three Australian WRAP platforms vs Sharesight's professional plan.

Platform 1 Platform 2 Platform 3 Sharesight Pro
Costs on a $1,500,000 portfolio 0 to $250,000 = 0.48% P.A $250,001 - $500,000 = 0.38% P.A $500,001 - $1,000,000 = 0.22% P.A $1,000,001 - $1,500,00 = 0.11% P.A Account Keeping Fee $180 P.A 0 to $250,000 = 0.35% P.A $250,001 - $500,000 = 0.25% P.A $500,001 - $1,000,000 = 0.15% $1,000,001 - $1,500,000 = 0.05% P.A $0 to $250,000 = 0.37% P.A $250,001 - $500,000 = 0.30% P.A $500,001 - $1,000,000 = 0.20% P.A $1,000,001 - $1,500,001 = 0% Sharesight = $144 P.A** + Xero cashbook = $188 P.A (for transaction reconciliation purposes)
Total (est) annual cost* $3,980 $2,500 $2,675 $332

* 1) These fees were sourced from the most recent PDS available for the platforms we reviewed when writing this article. Please refer to the PDS of your platform(s) for information specific to your scenario. 2) The calculation only includes Administration & Account Keeping Fees. The calculation excludes any international security fees, expense recovery, compliance, cash account fees, ICRS/MERS, brokerage, or any additional fees which may be applicable. 3) Please consider any insurance within your WRAP provider before changing. 4) Sharesight's professional plan prices in AUD excluding GST.

As you can see, these costs add up over time, and the cost savings, when reinvested over the life of your client relationship will have significant impacts on their returns.

Benefits of Sharesight's professional plan vs WRAPs

The cost savings of moving off-platform to Sharesight present an ideal opportunity to update your SOA and give your client access to their Sharesight portfolio to deepen client engagement with Sharesight’s extensive reporting capabilities.

Plus, with Sharesight's professional plan you get access to a dedicated Account Manager and free support and training, no matter how many client portfolios are tracked.

Here are the key advantages of Sharesight's professional plan vs WRAPs

  1. One low monthly cost per portfolio, regardless of FUM, plus you can cancel at any time
  2. One place to track all your clients’ investments with no APL requirements
  3. Track stocks and ETFs on over 36 worldwide exchanges, managed funds/mFunds/mutual funds (and 40 global currencies and cryptocurrencies)
  4. Use the Unlisted Investments feature to track property, term deposits, commodities and fiat currency
  5. Adviser Portal (Sharesight's professional plan) access for staff & clients
  6. White labelled reporting including Performance, Contribution Analysis & Future Income
  7. Tax reporting you can run at any time, not only at the end of the financial year
  8. No administration fee or risk of administration errors
  9. No PDS or FSG (Sharesight's professional plan is not a platform)
  10. Dedicated Sharesight Account Manager
  11. Real-time integrations with Macquarie CMA & Xero
  12. Make changes and access portfolios anywhere and anytime

Trial Sharesight today and see what your clients are missing

If you’re a financial advisor looking to deepen your client relationships, there has never been a better time to trial Sharesight's professional plan. With Sharesight you get:

  • The ability to aggregate -- Track any combination of brokers or managed funds and over 36 worldwide exchanges.
  • Automated portfolio admin -- Automatically track new trades and dividend income (including DRPs).
  • Powerful performance reporting -- Access Sharesight’s performance reports at your fingertips instead of waiting for a third party.
  • Advanced tax reporting -- Taxable Income, Capital Gains Tax and Unrealised CGT.
  • Direct portfolio sharing with clients

To get started, sign up today and a Sharesight Account Manager will be in touch to help you get started.

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