Wealthtrac adds share trading to platform
Wealthtrac has added a share trading facility to its platform service that provides six selected panel brokers, which the company says will provide advisers with greater flexibility.
“Many advisers will have their own broker relationships, so this allows them to maintain that relationship, rather than using a broker of our choosing,” said Wealthtrac managing director and chief executive Matthew Johnson.
The external panel of brokers includes Bell Potter, JB Were, Morgan Stanley, Lonsec, RBS Morgans and Shaw Stockbroking.
The service is charged on a user-pays basis, which Johnson said would result in a lower cost and give advisers direct access to corporate actions.
The Wealthtrac Share Trading service also provides investors with an individual holder identification number, which means investors can allocate corporate actions such as rights issues and dividend payments directly to the underlying shareholder rather then the entire shareholding of the platform, according to Wealthtrac.
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.