AMP has launched a new separately managed account (SMA) platform for its dealer group Hillross Financial Services aimed at opening up this type of investment structure to a broader range of clients.
Called the Personalised Portfolio Service, the new platform will provide direct access to Australian equities and will allow clients to have the benefits of dividends and associated franking credits as they are earned.
“SMA services in Australia have traditionally targeted very high net worth individuals. The Personalised Portfolio Service will make SMAs more accessible to retail investors,” AMP Financial Services managing director Craig Meller said.
“Investors will have access to professional management of their equity portfolio while benefiting from direct equity ownership.”
Initially investors will have a choice of 20 equity models along with 60 supporting managed funds covering a variety asset classes in Australian equities.
The range of investments available has been developed in response to client demand and any additional investment options at this stage were likely to be in the fixed interest area, according to AMP Financial Services head of strategic development and design Tristan Laszok
The platform has been specifically customised for Hillross clients and will allow existing equity holdings to be transferred into the Personalised Portfolio account.
In addition, all administrative functions of the portfolio will be performed by a dedicated administrator. This will in turn allow financial planners to focus on the provision of advice.
Clients will also be able to monitor their investments at any time using an online facility.
“People like to see what they’re holding espeially from an Australian equities point of view. So transaprency is one of the huge customer benefits,” Laszok said.
Tax treatments on the platform as also likely to be more efficient especially those relating to capital gains tax.
