ShareInvest adds wholesale funds to SMA universe
Direct Portfolio Services has introduced discretionary managed asset portfolios of wholesale managed funds into its separately-managed account (SMA) financial product, ShareInvest.
Executive chairman John Aldersley said Direct Portfolio Services would be the first company to offer Australian (wholesale) investors a “combined SMA direct equity and wrap-style financial product as a competitive alternative to the traditional wrap platform market”.
A decision by Lonsdale Financial Group to select ShareInvest as its preferred SMA product was a “catalyst” for the introduction of the new product into ShareInvest, according to Aldersley.
“Feedback from Lonsdale planners revealed a preferred platform would need to combine SMA technology to Lonsec and Ausbil direct equity portfolios with traditional access to managed fund portfolios,” he said.
Yet another catalyst for the product’s incorporation into ShareInvest were statements from the major wrap providers that they would launch their own SMA products.
“They have thrown down the gauntlet and drawn their swords, (and) so we are responding with our laser weapons.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
