SSB surfs the net with online trading
Salomon Smith Barney is poised to enhance its service to its finan-cial planning customers when it launches into cyberspace later this year, using a product called the Telstra Financial Manager Service (TFMS).
Salomon Smith Barney is poised to enhance its service to its finan-cial planning customers when it launches into cyberspace later this year, using a product called the Telstra Financial Manager Service (TFMS).
The product offered by Telstra and developed by software house Syscorp will initially allow financial planers to buy and sell local shares over the Internet.
However, Syscorp managing director Chris Liddell says this will be soon be followed up with the ability to do Internet transactions in-volving foreign securities, managed funds, cash management and margin lending.
TFMS' many offerings include a wrap account service and the facility to compile capital gains reports after transactions.
In bid to re-invent itself as an Internet company and move up the service value chain, Telstra is on a massive drive to attract new customers for TFMS.
According to Liddell, it has hired about 60 sales representatives to look after its TFMS customers.
Among those signing up in one form or another for TFMS are AMP and Mac-quarie Stockbroking.
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
