OpenMarkets breaks new ground
Execution-only stockbroker, OpenMarkets, announced this week it had broken new ground by executing its first direct-to-consumer Managed Funds trade through its new Multi-Asset Trading Hub (MATH).
It said the trade, placed by financial planning company, Quill Group Financial Planners, was executed directly with a major Managed Funds provider in real-time, where the assets were registered in the investor's own name.
At the same time, funds were validated automatically using the investor's cash account and transaction data was fed to Quill's administration provider, Superfund Wholesale, who use Class Super's SMSF administration software.
The announcement said that, executed via OpenMarkets' new multi-asset execution system, the transaction represented the first step in the future of low cost execution integrated with advice.
Commenting on the move, OpenMarkets managing director, Rick Klink, said advisers were under constant pressure to demonstrate value to their clients.
"Lowering the costs of execution while providing access to a range of asset classes is aimed at empowering the adviser to deliver a better service to their client," he said.
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