Cofunds and pensions functions added to portal's facilities
Intermediary internet portal IFAonline is to allow Isa transactions and has expanded its online pension functions to allow quotations.
The site, which is run by Investment Week publishers Incisive Media, will offer all the functions of the Cofunds fund supermarket Isa service on the IFAonline.co.uk platform.
By the end of July, intermediaries will be able to buy and sell Isas from Cofunds' selection of 346 investment funds from 26 fund manager groups through the website, although initially the transaction service will remain paper-based.
Cofunds is working to enable electronic trading of its funds by the end of the year and, at the moment, while the front-end is electronic, intermediaries will still need to use paper applications and make payments by cheque.
In addition, wrapped products are currently available on the supermarket, but again Cofunds is looking to enable the buying and selling of straight unit trusts and Oeics by the end of the fourth quarter.
Launched in January, the fund supermarket, created through a joint venture project between M&G, Threadneedle, Jupiter and Gartmore in competition to Fidelity's FundsNetwork offering, Cofunds features select funds from: Aberdeen, ABN Amro, Artemis, Barings, Credit Suisse, Deutsche, Dresdner, Framlington, Gartmore, Henderson, HSBC, Invesco Perpetual, Investec, JPMorgan Fleming, Jupiter, LeggMason, M&G, Merrill Lynch, Newton, Norwich Union, Old Mutual, Royal & SunAlliance, Schroder, SG Asset Management, Standard Life and Threadneedle.
The Cofunds products add to IFAonline's list of 19 life, pensions and investment providers, powered by Synaptic Systems, in addition to alternative services such as performance data and relevant news. The life offices featured include: Axa Sun Life, Clerical Medical, Evergreen Retirement Assurance, Friends Provident, Legal & General, National Mutual, Norwich Union Life, NPI, Permanent Insurance Company, Scottish Amicable, Scottish Equitable, Scottish Mutual, Scottish Provident, Skandia Life, Standard Life, Swiss Life and Zifa.
Through the portal, advisers can apply for a Cofunds Isa, switch between funds, top-up Isas, withdraw funds and change client details. They can also view detailed fund performance information for all UK unit trusts, investment trusts and Oeics and get free comparative quotations for term assurance, personal pensions, mortgage protection and investment bond products.
The Synaptic research tools also include a database of investment, pension, protection and mortgage products.
Jeska Harrington, director, IFAonline.co.uk, said that the portal, through enhancements made earlier this year, also gives intermediaries the ability to set up individual portfolios to monitor stocks and funds listed in exchanges worldwide and include them in the currency of their choice.
There is also a daily news bulletin sent via email to advisers as well as an events section and a discussion area.
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