Summit to offer online trading
The Summit master trust is to provide on-line share trading through a deal struck with Sanford.
The Investor Directed Portfolio Service (IDPS) will be rolled out to advisers during the next couple of months.
AXA marketing general manager Richard Shermon says the company wants advisers to be on-line to the stock exchange.
"Accredited advisers will now be able to offer stock trading as part of their overall service to clients," he says.
Summit provides access to 300 advisers and has about 16,000 clients.
"We are taking on-line broking to the suburbs, bringing access to the world markets, as part of an overall financial plan, to Summit customers," Shermon says.
"IDPS places a highly sophisticated solution on the desktop of advisers in a very cost-effective manner."
Summit has about $2 billion of funds under administration.
Recommended for you
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 wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
