Coreinvest puts cash down to lure advisers
Platformprovider Coreinvest has taken competition in the investment platform market to new heights, offering cash payments to financial planners.
Dealer groups and advisers who use Coreinvest will receive a cash payment of 0.25 per cent of the assets they invest with the group in the first year, with that percentage gradually rising to one per cent over four years.
Alternatively, advisers can opt to have each dollar of revenue they generate matched with one converting share in Coreinvest, which will later transfer into ordinary shares.
Coreinvest managing director John Morrison says part of the reason the platform was created was in response to recent sales of other investment platforms, where he believes the value created by financial planners and their clients failed to be recognised.
Morrison says Coreinvest also urges advisers and their dealer groups to share the cash payments with their clients.
Coreinvest consulted with around 24 licensed dealers while developing the vehicle, and around 100 advisers are currently subscribed to the platform.
Coreinvest was launched earlier this year but was taken off the market for three-and-a-half months while the group developed the new remuneration structure for advisers.
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