As client numbers grew, JEM Wealth faced a challenge familiar to many advice businesses: how to scale without diluting the client experience.
They identified Separately Managed Account (SMA) portfolios as a more scalable approach to portfolio administration which would free up advisers to spend quality time with their growing client base.
One of the most important growth lessons for wealth management firm JEM Wealth has been resisting the temptation to be everything to everyone.
The firm has built its proposition around a clearly defined market and a consistent investment philosophy. In doing so, it attracts clients who connect with its approach.
“The thing that made us great as a smaller business was how we interacted with clients,” says Business Manager Jonathan Margetts. “We always want to have an exceptional client experience first and never wanted to compromise on that.”
As it grew, however, success brought new challenges.
“We started to reach our limit in a lot of ways – including the processes and technologies we had in place to support clients,” says Jonathan. “To break into the next phase of growth, we needed support in managing the day-to-day portfolio administration.”
They needed a solution that could simplify complex portfolio management while maintaining flexibility for clients.
Selecting the right SMAs to grow your firm
Rather than building additional investment management capability internally, JEM Wealth looked for specialist investment consultants that could help the firm scale while allowing advisers to stay focused on clients.
“One of the reasons we have partnered with an investment manager is that they bring specialist expertise in an area that, if we managed it ourselves, could leave us spread too thin in our service to clients,” says Jonathan.
By leveraging Macquarie’s fee-efficient Access and Evolve Separately Managed Account (SMA) portfolios, alongside tailored models developed in partnership with an independent investment consultant, the team has expanded its range of portfolio solutions without compromising the personalised client experience at the heart of the business.
“Our clients want to know that their funds are invested in a great pricing structure that is affordable, which Macquarie provides,” says Natalie Medek, Financial Adviser and Head of New Business.
This move to a more systematic delivery model also reduced the administrative workload traditionally associated with managing investments at scale. Rather than implementing investment decisions account by account, advisers can spend more time providing strategic advice and building relationships.
“Over the years, we've become confident not only in the structure of the SMA, but in the successful outcomes we've seen for our clients,” says Natalie.
There’s such transparency and ease working with the Macquarie team. I think the more that we can trust the platform and we're confident in it, by default, our clients become more confident in it as well.
Kylie Peihopa
Client Services Officer
Support beyond the platform
Of course, to support sustainable growth, technology alone was never going to be enough. As the firm refined its operating model, the quality of support behind the SMA solution became increasingly important.
Macquarie’s business development managers help firms explore solutions such as SMAs to improve operational efficiency and support scalability, while ensuring the onboarding process is as seamless as possible.
“The thing I value most is the relationship we have with our business development manager, Brendon Pocock, who we can talk to about finding ways to continually grow our business,” says Natalie.
Client Services Officer Kylie Peihopa says Macquarie's responsiveness has become an important part of the firm's day-to-day operations.
“With Live Chat functionality, for example, I have fast, seamless access to support and information when I need it most,” she says. “If it’s a complex question, Macquarie offers to give me a call back, but I find I generally don’t need that.”
As the business has grown, the relationship with Macquarie has helped simplify day-to-day operations while creating a smoother experience for clients.
“There’s such transparency and ease working with the Macquarie team,” says Kylie. “I think the more that we can trust the platform and we're confident in it, by default, our clients become more confident in it as well.”
When I think of the Macquarie platform, the first word that comes to mind is ‘ease’. It gives us institutional quality investment management that’s easy to use, allowing us to deliver the personal relationship our clients value so highly at scale.
Jonathan Margetts
Business Manager
Building for what’s next
With ambitious plans ahead, JEM Wealth doesn't need to reinvent its business model to keep growing.
“We don’t have to think about it,” explains Natalie. “We know we can scale where needed because the infrastructure is already in place across the business.”
Macquarie's SMA capabilities and support model have helped the firm build the foundations for its next phase, while allowing the team to remain focused on client relationships and outcomes.
“When I think of the Macquarie platform, the first word that comes to mind is ‘ease’,” says Jonathan. “It gives us institutional quality investment management that’s easy to use, allowing us to deliver the personal relationship our clients value so highly at scale.”
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