Investorfirst is piloting a new portfolio administration service with a view to offering two models to external dealer groups and financial advisers.
Financial services firm Investorfirst has begun internal testing of a new portfolio administration service and plans to roll out a grey and white label offering to the external marketplace.
The listed firm is beta testing its Portfoliofirst offering among its financial advisers, Investorfirst head of wholesale platforms and group marketing Ian Aspinall said.
"The purpose of an internal testing phase is to ensure our back office administration team have got their i's dotted and their t's crossed as far as administration portfolios go," Aspinall said.
He said once testing is completed, the firm intends to release two versions of Portfoliofirst - a white and grey label.
The white label will be branded as a single company's solution, with dealer groups, financial planners, accounting firms, wealth managers and banks the key audience, according to Aspinall.
The grey label will be a branded outsourced portfolio administration platform, which will target independent financial planners and small accounting firms.
"On the release of the grey label and white label solutions, we'll also have an integrated superannuation offering," he said.
"So what you'll do is you'll fill out one form and the one form opens up a trading account, it opens up your portfolio administration account and it opens up your superannuation account."
Aspinall said Portfoliofirst is a similar offering to Virtual Broker Wrap, which was created within Investorfirst chief executive Otto Buttula's former group IWL.
"We set up Virtual Broker Wrap just before CBA [Commonwealth Bank of Australia] bought us out," Aspinall said.
"What we're doing this time is a slightly different model. Where Virtual Broker Wrap is basically taking the virtual broker trading and then creating the appearance of an integrated solution, what we are providing is a one-stop integrated solution."
Investment products supported by Portfoliofirst include Australian Securities Exchange-listed equities, warrants and property trusts, international equities, cash, exchange-traded options, term deposits and margin lending, Aspinall said.
CBA purchased the whole of IWL for more than $370 million in November 2007.
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