Hartley Poynton service opens a new chapter on convergence
News that Hartley Poynton has signed up the first two users for its new online share trading service — including AMP’s Hillross financial planning arm — is yet another chapter in the ever unfolding story of convergence in the financial services industry.
Hillross is to use the online share trading service for clients' direct share trading as part of their total investment portfolio.
The move is not unique in the financial planning industry, but according to Hillross managing director Jonathan Harrison, it certainly is "leading edge". Other players which have already taken similar moves include Godfrey Pembroke, Sealcorp's Securitor and users of the St George's Asgard Master Trust, the other group to sign up for Hartley Poynton's new service.
The first to make use of the new service at Hillross will be the PortfolioCare Superannuation Service - a step which opens up choice for members as they will be able to actively make their own stock picks.
Harrison says Hillross's pension services will come on board in September and should be followed by the ordinary tax investment regime within the next year.
"For some years now, we have provided direct share advice to our clients. The changes are in response to market conditions and they will improve efficiencies," he says.
"Costs will now be more reflective of discount broking as opposed to full service broking."
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