How a firm runs without a platform
There is a structural alternative to platforms. Most advisers have never been shown it. Here it is, in plain English.
Role
Held by
What that means
Legal ownership, transparency, control
Client
Broker and bank accounts in the client’s own legal name. Their assets sit there. They can see them, log into them, verify them. No custodian between them and their portfolio.
Advice, client relationship, margin, investment IP
Advice firm
The advice firm owns the relationship, the advice, the recurring fee, and — critically — the investment decision. The firm chooses how portfolios are constructed and managed: in-house, with an external manager, or via a ready-made model. We do not.
MDA, trading, reporting, governance
Managed Portfolios
We provide the rails. MDA framework. Trading and rebalancing. Multi-asset reporting across super and non-super. Governance. We’re the engine room. We don’t drive.
Most platforms operate as if the platform decides, the fund manager decides, and the adviser advises around the edges. We operate as if the adviser decides, the client owns, and the infrastructure stays out of the way.
What it replaces
Standard platform model
Managed Portfolios model
No platform layer
Custodian ownership
Client holds legal title to every asset in their own name
No platform layer
Platform fees
Clipping of interest on cash
No pooled cash account. All interest to client
Product layers
In-house IP or third-party at advice firm’s discretion. No mandatory product layer.
No client directed assets e.g. property, collectibles
Direct property, private credit, collectibles, off-market holdings — all reportable, all monetisable
Migration (Exit Options)
True portability. Client keeps the same accounts whether they stay or leave
Three modes for managing client investments
How portfolios are built and run is the adviser’s call. Three modes. The adviser picks the one that fits the firm today, and can change it as the firm changes.
Mode
Best for
What it looks like
Adviser-Managed models
Firms with genuine in-house investment capability who want maximum control and full economic capture
The firm builds and runs portfolios with its own investment team. We provide MDA, trading, reporting and governance underneath. IP, brand and investment voice stay with the firm
Co-built, Branded Models
Firms that want a credible investment proposition without running an internal investment team — but want it presented as their own
We connect the firm with an approved external manager. They build and run the portfolios, branded as the firm’s. The firm keeps the relationship and most of the economics
Ready-made Models
Firms that want a turnkey portfolio with zero build effort and zero oversight burden — and want to spend their attention on advice and client outcomes
Pre-built, fully managed portfolios the firm appoints rather than constructs. Zero build, zero oversight burden. The firm focuses on advice; the model runs on our rails
Firms can start in one mode and migrate as their capability and ambition grow. The infrastructure does not need to change. That optionality is the point.
What we don't replace
We don’t replace your advice, your client relationship, or your investment judgement — we make space for them. We replace the platform and it’s the right thing to replace.
Operational realities
-
No transaction-by-transaction Records of Advice.
-
SMSF, retail super, individual, joint, company, trust — all supported.
-
Asset classes a platform menu can’t hold — direct property, private credit, collectibles, off-market holdings — are reportable and monetisable, not stranded outside the firm’s view.
-
Non-pooled custodial flexibility where it’s genuinely needed.
Risk-free Entry
You don’t need to commit your whole book. Pilot with a small client set at no cost. Prove the value. Expand at the pace that suits you. Portable. Reversible. Downside bounded.