Praemium launches ‘next gen’ HNW platform

Australian wealthtech developer Praemium has announced the launch of a dedicated, all-in-one platform to service high-net-worth (HNW) clients.

Praemium boasts that the integrated platform, christened ‘Spectrum’, is “tailored to meet the complex and sophisticated needs of [HNW] investors”, promising seamless onboarding, trading, and execution processes, and digital advice capabilities.

“We are thrilled to launch Praemium Spectrum, as it brings together the breadth and depth of experience that Praemium has in servicing our private wealth clients, in a flexible structure that we believe no other platform can truly match,” said Praemium chief executive Anthony Wamsteker.

“With Spectrum’s ability to report on total wealth across custody and non-custody and deliver a comprehensive digital onboarding and service experience, our advisers are better equipped to cater to the increasingly unique requirements of their high-net-worth investor client base,” he added.

Through Spectrum, advisers will be able access to an array of investible assets for their clients, including alternative assets, domestic and international equities, bonds and managed funds, term deposits and managed accounts, with the platform also enabling flexibility in portfolio construction.

Among the other features of the platform include:

• A streamlined adviser portal with regular updates and enhanced trading capabilities through a new Asset Preference List (APL). As well, Spectrum integrates wholesale investment controls and follow-up mechanisms.
• “Seamless” data integration, including integration with broker order pads and bank data feeds, enabling, Praemium says, fast trade execution and access to crucial investment information for advisers and investors.
• A user-friendly and digital onboarding experience, including automated form generation.
• Digital account management and regulatory compliance controls for Anti-Money Laundering (AML), Common Reporting Standard (CRS-FATCA), Client Classification, and Fee Consent.

High net worth wealth in Australia grew 7.9% in 2023, according to Capgemini research, notably above the global average of 4.7%, with assets totalling US$1.05 trillion (AU$2.16 trillion).

The number of HNW individuals (classified as those with assets in excess of US$1 million, or AU$1.44 million) in Australia has also grown by 7.8% since 2023, totalling 333,000 people.