HSBC opens trail to advisers
HSBChas enhanced its SuperOptions superannuation and allocated pension product range by introducing new trail commissions in what it says is a drive “to attract and retain financial adviser loyalty”.
HSBC has reduced the capped management expense ratio levels to 1.99 per cent on most of the personal super and allocated pension funds as well as including a 1 per cent per annum trail commission alternative on the nil entry fee option for both its personal super and allocated pension funds.
Of the nil entry options, the first has an upfront commission of 3.3 per cent and a trail of 0.33 per cent per annum, while the second option dispenses with any upfront commission, but has a 1 per cent per annum trail commission.
HSBC chief executive Barry Sheehan says the move demonstrates HSBC’s commitment to delivering comprehensive funds management services to financial advisers.
“To attract and retain financial adviser loyalty we believe it is important to offer them flexibility and choice,” he says.
Investors with a minimum of $2000 can access HSBC’s personal superannuation product range, while those with a minimum of $25,000 can access the allocated pension category.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.