Key Differences

Critical ElementPortfoliosDirectTypical Competitor
Business Model - Where does power & control sit?DecentralisedCentralised
Contracts with end-clientNoYes
Controls Bank Accounts and Banking RelationshipNo - you do.Yes
Controls Trading and Trading Account RelationshipNo - you do.Yes
Controls all Mail and Source DocumentsNo - but with option to outsource (all mail is made available)Yes
Controls Corporate Action RecordsNo - but with option to outsource (all record reconcilable)Yes
AFSL ModelDecentralisedCentralised
AFSL RiskLowHigher
Owns Client DataNoMaybe
IP into user’s handsYesNo
Ability to reconcile Bank TransactionsYesNo
User controls tradingYesNo
Disruptive to Change PlatformsNo Yes