Summit trades online
The Summit master trust is to provide online share trading through a deal struck with Sanford.
The Investor Directed Portfolio Service (IDPS) will be rolled out to advisers during the next couple of months.
AXA marketing general manager Richard Shermon says the company wants advisers to be online to the stock exchange.
"Accredited advisers will now be able to offer stock trading as part of their overall service to clients," he says.
Summit provides access to 300 advisers and has about 16,000 clients.
"We are taking online broking to the suburbs, bringing access to the world markets, as part of an overall financial plan, to Summit customers," Shermon says.
"IDPS places a highly sophisticated solution on the desktop of advisers in a very cost-effective manner."
Summit has about $2 billion of funds under administration.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.