Customised equity tracking for advisers
A Melbourne-based securities dealer is offering planning groups an equities tracking service for clients’ portfolios.
Acumen Asset Management has developed its Asset Track Portfolio Management Service for investors maintaining direct Australian equity portfolios.
Eric Willson from Acumen says the service is not in competition with advisers producing financial plans.
“We are not doing financial planning. We are offering a service that will help planners with direct-investing clients,” he says.
Asset Track covers Australian shares, fixed interest, property and cash. It also covers international equities, although mainly through managed funds.
The service is customised depending on a client’s investment aims, such as risk-tolerance or income.
The taxation status of a client is also assessed and all securities remain in the name of the client. Willson says clients can continue to use their existing broker or one recommended by Acumen.
A full reporting service to clients is supplied by Asset Track and this includes portfolio appraisal, buying and selling summaries and income tax reports that includes capital tax gains and losses.
Fees for the service depend on the client’s funds under management. These range from 1.8 per cent for funds of less than $250,000 to 1.2 per cent for sums up to $10 million. There are no entry or exit fees or MERs, says Willson.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
