CommSec Adviser Services, the adviser support arm of the Commonwealth Bank of Australia (CBA), and Colonial First State, part of the CBA’s global asset management business, will jointly provide the new system, named Portfolio Service.
The service will offer a ‘one-stop-shop’ online that aims to enable advisers to manage their clients’ investments by automating administration and reporting requirements.
Designed for the fee-for-service business models, the system can be customised to support specific advice fee structures and is offered by both firms.
Better service
CommSec Adviser Services general manager Eric Blewitt said the new platform would provide better service for clients.
“By bringing together the strengths of the two businesses, we can now offer advisers an investment management solution that will increase their efficiency and control, and importantly allow them to provide a better service to their clients,” Blewitt said.
He said the service would appeal to advisers whose clients desired more control over their investments, such as those with self-managed super funds (SMSF).
“Aimed at advisers who have high-net-worth clients with direct share ownership, the service’s flexible à la carte model allows advisers to tailor the product set for each individual client. We believe there is nothing like this available for advisers, that offers such an extensive range of product and investment options, supported by such a powerful suite of platform-like administration and reporting tools,” Blewitt said.
“Client, adviser and dealer group level reporting, model portfolio management, online corporate actions and IPOs, tax optimisation tools and third-party data feeds sit across all the products in the service, serving to drive efficiency and control for advisers.”
Colonial First State products and investments general manager Peter Chun said the new portfolio service would complement CFS’ other platforms, FirstChoice and FirstWrap.
“Portfolio Service not only addresses the diverse needs of our advisers, but also delivers them efficiency and a great customer experience,” Chun said.
As of the initial launch, listed securities, cash, managed funds and term deposits will be available via Portfolio Service, with managed accounts to be offered in due course.
