IOOF improves PMS
IOOF group company, Australian Executor Trustees has announced changes to its asset administration offering, Portfolio Management Service (PMS).
It said the changes were designed to meet the investment behaviour of clients.
The company said greater flexibility had been built into the PMS product that gave clients the choice of two investment menus - either an unrestricted menu, for clients wanting more investment choice, or a more select menu.
"Regardless of the choice they make, clients receive a comprehensive administration, reporting and record-keeping facility to manage their investments," the company said in its announcement.
It said that, in addition, clients could select their method of investment ownership - either in their own name or in custody, and that the administration fee new clients were charged would depend on the choices they made.
Commenting on the changes, David Storm, head of distribution, superannuation at Australian Executor Trustees said, "Consistent with current market trends, [Australian Executor Trustees] has created a menu that allows advisers to host direct ASX assets in custody at a reduced fee of 35 basis points, with the additional capability to create diversified portfolios utilising IOOF's MultiMix range of investments."
"While we have looked to adopt a user-pays model for PMS, we have retained the best elements of our existing offer - a reporting capability on any asset in the client's own name or in custody," he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
