Summit trades online
The Summit master trust is to provide online 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 online 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 online 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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
