FinClear, the Australian clearing, settlement and wealth management provider has announced its facilitated, first HIN-enabled SMA solution for Australia.

The solution, to be rolled out with InvestSMART as Professionally Managed Accounts promises to bring cheaper, more efficient account investing to Australians.

FinClear’s chief executive David Ferrall said the new alternative to traditional modelling ushered in a new era of investing.

“Custody models are expensive and quite clunky in terms of admin, and they don’t offer real-time transparency.

“A HIN-enabled model is much more efficient and a lot cheaper, meaning advisers can offer their clients the same managed account investment experience for much less,” he said.

FinClear offers a complete end-to-end solution with customisable logins, consolidated reporting and real-time holding information.

The solution, distributed by FinExWealth, adds to FinClear’s account suite which already has several low-cost, zero-brokerage MDA and IMA services.

FinEx director Steve McLean said anything that can lower costs and provide more transparency would be welcomed by the business.

“We’re in a unique position to be able to create a managed account suite such as this because we own the full production chain, from client onboarding to trade execution through to settlement and reporting.

“Wealth management in this country is ripe for improvements from a technology perspective, and I’m very excited about the benefits FinClear can bring to the table,” Mr McLean said.