TheSecuritor/PACTfinancial planning dealer groups will implement a price and functionality review of theAsgardmaster trust in an attempt to increase its market competitiveness and distribution.
The review, to be completed by the end of 2003, is expected to result in a “shaved-down” service that will rid itself of its “bells and whistles” to concentrate on efficiency at a reduced price, according to head of distribution Dan Powell.
Powell says the original goal in launching the master trust was to expand distribution while being price-competitive, and though he says the group’s wrap service is very competitive, the master trust is running at a slight premium.
Powell says the review is a result of increased competition in the marketplace, and it is hoped the changes to Asgard will result in an increase in distribution, though a target number of advisers is yet to be finalised.
The review is also aimed at assisting the transition of funds under management from existing Securitor/PACT advisers into the Asgard platform, as only 55 to 60 per cent of the funds presently go into the master trust.
As part of the review, recommended portfolio templates will be included as a tool within Asgard to ease the workload of advisers and enable them to increase their efficiency.
Powell says these recommended portfolios will allow advisers to assess a client and align them to a particular portfolio type, negating the need to manage each client individually.
The Securitor/PACT dealer group has also developed a template financial plan, partly in response to the recent Australian Consumers’ Association andAustralian Securities and Investments Commission(ASIC) report into the quality of advice.
The financial plan was developed to assist advisers to comply with the Financial Services Reform Act, and the group will be including the plan with its Australian Financial Services Licence application to ASIC.
The plan will be available to advisers within the group as part of the nextAssirtplanning software roll out, expected by August this year.
