PremiumChoice signs up dealers
Sixdealer groups have signed up for the PremiumChoice Portfolio Services platform in its first two months of operation, says chief executive Richard Carter. About 40 advisers are now using the service and have placed $50 million worth of funds into the platform.
“We are ahead of our target to achieve $100 million of funds under advice by the end of this year,” Carter says.
PremiumChoice was launched in June and uses Navigator as its platform administrator. The platform will be majority-owned by supporting dealers and their advisers.
Carter says the platform is aimed at independent dealer groups and advisers. However, they are also watching for break-away advisers from larger dealer groups that need a platform service.
“We know we can’t get on an institution’s approved list with this service, as many of these distribution groups are controlled by the banks,” he says.
“We are looking for the break-away group and this means we will be competing with other service providers such as AustChoice and Beacon.”
PremiumChoice has set itself a target of getting between $300 to $350 million of funds under advice by the end of this financial year.
“We would also hope to have at least 12 dealer groups using the platform by then,” Carter says.
AUTHOR
George Liondis
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