It has steadily established a following among third-party advice businesses and recently have switched to multi-channel distribution.
Despite having a multi-channel distribution strategy prior to joining, Milford head of intermediary distribution Michael Robson says his role four years ago was focused on the intermediary channel- business direct to financial advisers, but switching to a multi-channel model has seen a significantly positive effect on Milford’s third-party distribution market
He says dealing directly with independent financial advisers had contributed to Milford’s then $200 million growth across all investments but opening the multi-channel distribution has seen it grow to $1.73 million which he attributes to continued engagement with advisers, resolving transparent advice fee and client rebate issues a few years earlier, and technology.
Robson says having the option of digital platforms has been beneficial and embraced by clients and advisers.“ It fits in with our multi-channel distribution that clients may want to access Milford through a range of different ways. We’re supportive of clients being able to access us in the way that suits them.”
Robsons says while Milford are not relying directly on the use of technological advice alone, they do have a direct offering but if clients have relationships with advisers who feel they need that ongoing advice, they can support that.
“Now that we’ve set up that distribution channel, they also have access to Milford funds, they can also choose to have an adviser support them on their investments, like their Kiwisaver journey.”
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