Cofunds says it expects to introduce a string of new services for fee-based advisers within three months.
They include a cash account for every client, which will be used to collect all income or capital realisation payments, and a new menu of remuneration options.
The fund supermarket says the roll-out follows a successful pilot of the services, adding the move is further proof of the firm’s all-types-of-adviser strategy.
Cofunds says the cash account will be linked to the client’s usual bank or building society account.
It says cash will be deposited by the client electronically or via cheque into the account and from itsettlement will be made for investments into any fund or tax-wrap and for any fees agreed between the client and the adviser.
Cofunds says it will use this account to collect all payments of income or regular realisations of capital which the client has requested.
This will include any dividends, income drawdown from SIPPs, automated withdrawals from insurance bonds and ISAs and regular encashments of funds.
It says this stream of receipts will then be automatically sent on as a single payment to the client’s bank every month. Alternatively the client can choose to leave all or part of this in cash to future investments or fund adviser fees that may be due.
These services, Cofunds says, will be available to all clients whether their adviser is commission-based or whether they have opted for fees.
The third service Cofunds plans to roll-out is a new flexible menu of adviser remuneration options.
It says the options will enable fee-based firms to use commission offsets - or a blend of fees and commission offsets depending on the arrangements they have agreed with their client.
The final element will enable Cofunds to provide access to those stock exchange listed securities on the platform where there is sufficient adviser demand.
Andy Creak, Cofunds managing director, says: “This is another major step in our strategy to support all types of adviser with the products and services which they want to use for their clients.
“We will be adding functionality at a measured pace starting with a limited number of firms and building up volumes in a controlled way.
“It is essential that every element is thoroughly road-tested before we open up to the whole market.
“We are proud of the service standards we have achieved and we will not take any risks to the integrity of our customer processing in the pursuit of over rapid expansion.
“We have proven and scaleable systems efficiently supporting almost £15bn of client assets. In the world of platforms it can be easier to promise services than deliver them.
“Once complete later next year, these developments will make us the leading comprehensive platform in the UK catering for all types of business and with a wide choice of investments and tax wraps from a range of major providers.”
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