PremiumChoice to venture west
PremiumChoice platform is set to target Western and South Australia in a bid to expand the number of dealer groups using its services by 30 per cent over the next 12 months.
“Our aim is to have about 12 dealer groups using the service. Currently, we have nine dealer groups using PremiumChoice and these are all based on the eastern coast,” says chief executive Richard Carter.
But it is not a growth-for-growth’s sake push, adds Carter.
“We are only approaching people who we feel comfortable about using the platform. We are not looking to add large numbers of dealers to the business.”
The platform was established in June last year and has about $150 million of funds under advice.
The platform uses Navigator as its administrator, with advisers having access to the products on that system.
At present, PremiumChoice has eight additional fund managers on its approved list to provide a point of difference fromNavigator.
Carter says the plan is to add more fund managers and take the number on its platform to 20.
The company has recently added thePM CapitalEnhanced Yield Fund,Equity TrusteesSmall Companies Fund andWilson HTMAustralian Share Fund.
Carter says the existing fund managers on the platform, such asInvestors MutualandPlatinum, have outperformed their peers during the past six months.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
