Tassie Govt enters direct equity advice market

platforms financial planners

27 July 2005
| By Michael Bailey |

By Michael Bailey

The Tasmanian State Government has become an unlikely bidder for financial planners’ direct equity business, through its backing of a new service called investmentadvisers.com.au.

The crux of the service is a four-person investment committee, which creates a 30 to 40 stock recommended portfolio from an Aspect Huntley data feed on the top 250 Australian companies.

The online service also provides access to share trading platforms such as E*trade.

The Lennon Government owns 25 per cent of investmentadvisers.com.au, which grew out of a direct equity offering for ‘mums and dads’ developed in partnership with Tasmanian dealer group Shadforths.

Investment committee members Max Wheeler and Ken Fleming together own another 25 per cent, while the balance is held by high-net-worth Tasmanians.

Wheeler is a former stockbroker most recently with Aegis Equities Research, Fleming is the former head of global technology at Deutsche Bank Australia, while the committee is rounded out by former HSBC analyst Chris Chong and Shadforths’ existing head of research, Claudia Shepherd.

Wheeler hoped that wrap providers would encourage dealer groups to use the service, because he said it was resourced to produce comprehensive statements of advice, and could give planners the confidence to not use stockbrokers for their direct equity clients.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

18 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 23 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

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 ...

3 days 21 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days ago