CommSec and CFS combine on Portfolio Service
CommSec Adviser Services has combined with Colonial First State to deliver a Portfolio Service offering to financial advisers.
The two Commonwealth Bank-owned businesses announced the new investment service this week claiming the Portfolio Service drew on the strength of the two businesses to create a new way for advisers to manage their clients’ investments, with a high level of efficiency by reducing and automating administration and reporting requirements.
The announcement said the product had been designed for the fee-for-service environment but was sufficiently flexible to support a wide range of advice fee models.
It said the product would provide advisers access to a wide range of investments and products through a user-friendly online portal with listed securities, cash, managed funds and term deposits being available on initial launch with managed accounts to be available in the future.
Commenting on the launch, CommSec Adviser Services general manager Eric Blewitt said that by bringing together the strengths of the two businesses it was possible to offer advisers an investment management solution that would increase their efficiency and control and allow them to provide a better service to their clients.
Colonial First State General Manager, Products & Investments, Peter Chun said almost 50 per cent of Australian advisers currently used Colonial First State platforms with Portfolio Service adding to the range of flexible solutions already meeting the needs of different business models.
“Portfolio Service will be Colonial First State’s third administration solution for advisers to complement our FirstChoice and FirstWrap platforms, while targeting the needs of advised high net worth clients and the SMSF market by supporting directly held assets and offering access to a broad range of asset types and a full range of portfolio reporting,” he said.
Recommended for you
Lonsec Research and Ratings has appointed a head of sales, completing the leadership team to boost its reach with financial advisers.
Allianz Retire+ has announced major leadership changes with the appointment of a new CEO and distribution heads to help expand its presence across the wealth channel.
The RBA assistant governor (business services) is set to speak at the Women in Finance Summit 2025, taking place this November.
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
