Cofunds has started its Isa season campaign with the launch of a CD-Rom-based consolidation tool and...
Cofunds has started its Isa season campaign with the launch of a CD-Rom-based consolidation tool and the addition of three more fund groups to its platform.
The CD-Rom-based software package provides a simplified means for intermediaries to consolidate their clients' fund holdings onto the Cofunds platform. Users can print off pre-populated application forms and key features documents from the CD-Rom, which stores the names and addresses of each authorised Pep and Isa manager. This should provide a more time efficient means for intermediaries to produce the documentation needed to support a transfer, according to the group.
Rod Aldridge, sales and marketing director at Cofunds, said he believes consolidation will make up a significant proportion of intermediary business this year. He noted Cofunds has carried out its own research into the behaviour of intermediary clients, which found on average they have £15,000 invested through their main intermediary, but some £30,000 invested overall, providing ample consolidation opportunities.
'Intermediaries who do not act quickly could be left vulnerable to a competitor consolidating first and taking existing clients out of their control,' Aldridge said.
The addition of Barclays Global Investors, Cazenove and UBS onto Cofunds brings the total number of funds available on the platform up to 683 from 50 fund management groups.
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