AIOFP signs on with Asgard wrap platform
The Association of Independently Owned Financial Planners (AIOFP) has signed a deal to take upAsgard’s e-wrap to sit alongside the existing Personal Choice Master Plan master trust.
To be called the Personal Choice E-wrap, the product will be rolled out to more than 200 AIOFP members from July 1.
AIOFP chief executive Peter Johnston says the association members wanted a wrap that could service ordinary money for do-it-yourself superannuation.
Personal Choice Master Plan general manager John Lipkiewicz says that while the Personal Choice Master Plan fund already services most of the members’ needs, a number of firms require a service that will also allow them to track tangible assets.
According to Lipkiewicz, the AIOFP intends to use the service for ordinary money and self-managed superannuation services, but not for superannuation.
“We don’t envisage using the service for super, but only for ordinary money and self-managed services, therefore it does not detract from the existing products,” Lipkiewicz says.
In the 12 months since its inception, Lipkiewicz says the Personal Choice master trust has exceeded $145 million of inflows, with the association hoping to see a similar effect with the new product.
Personal Choice E-wrap will be priced marginally below the retail price for Asgard E-wrap.
The AIOFP and Asgard have also designed an equity participation model, in which all AIOFP members who take up the wrap will participate.
“We surveyed the whole market, looking at groups such asAvanteos,BT,Macquarieand Oasis but found Asgard to be the best service,” Johnston says.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
