Cofunds powers moneysupermarket.com execution-only service
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Cofunds has announced it will power moneysupermarket.com’s new execution-only service.
From today, moneysupermarket.com will provide the service for investment business, giving customers access to the Cofunds investment Isa and its range of over 1,500 funds.
Cofunds says it is not moving towards a direct to consumer service. It adds moneysupermarket.com will be solely responsible for the sales, marketing and promotion of the service and will not have access to Cofunds’ database of investors.
Cofunds sales and marketing director Alastair Conway (pictured) says: “We have built the platform to provide flexible, reliable and convenient administration and management services to a range of intermediaries and this is a great addition to our execution-only client base.
“We see more initiatives like this being developed by major consumer brands as the market evolves as a result of the RDR.”
Moneysupermarket.com head of banking Kevin Mountford says: “Working with Cofunds has allowed us to offer our customers a very simple way to compare and buy their stocks and shares Isa. They have access to more than 1,500 funds and we want to help them find the investment products that best suit their objectives and attitude to risk.”
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Readers' comments (13)
Anonymous | 15 Feb 2011 10:49 am
If a recommendation is 50/50 between cofunds and another, the other will get it.
You arent using IFAs client banks to subsidise new ventures through me.
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Anonymous | 15 Feb 2011 11:19 am
Isn't the clue in the report...
"moneysupermarket.com will be solely responsible for the sales, marketing and promotion of the service and will not have access to Cofunds’ database of investors."
Doesn't look to me like moneysupermarket has access to any advisers clients. It's just another EO client
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John Blackmore | 15 Feb 2011 12:12 pm
More and more B2B platforms are going to move this way post RDR- once the umbilical cord of commission is broken. One day it will be normal for advisers to advise and clients to then deal direct.
Not sure how long those who insist on an adviser will be able to hold out. I can see that the current relationship between platform and adviser works but can not see this remaining unchanged.
Cofunds will provide a direct service eventually I'm sure.
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Anonymous | 15 Feb 2011 12:41 pm
We're just looking at platforms.
Moneysupermarket.com is not an IFA, so we now regard Cofunds as a competitor and they are struck off our list.
Why does Cofunds need to state that their new outlet won't have access to its database of investors? Data Protection Act and client confidentiality under FSA Rules should ensure this. It leads one to wonder if Cofunds has considered it and, if so, why...
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Anonymous | 15 Feb 2011 12:44 pm
"If a recommendation is 50/50 between cofunds and another, the other will get it".
So how do you explain the fact that Cofunds is the largest platform in the UK, with around £29bn of funds under management, and most of it's business has been introduced by IFAs?
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Anonymous | 15 Feb 2011 1:20 pm
Again the paranoid get upset over nothing, Cofunds has always been adviser only. They won't even deal with clients directly if their adviser is away/left/retired.
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Dominic Thomas | 15 Feb 2011 1:49 pm
This is a logical move for CoFunds, but its always disappointing when an organisation built upon the work of IFAs is then pitched 180 degrees to EO basis. Its not going to help IFA relationships, but then again, maybe there won't be many left in a couple of years time. But as "anonymous" (why?) says - it is just another EO "competitor" and frankly is ideal for a DIY client who will soon have few options left post RDR unless s/he wants to pay fees.
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Anonymous | 15 Feb 2011 2:18 pm
I fail to see what the problem is.
Don't Cofunds already offer this type of service via lots of other EO brokers?
Surely moneysupermarket are just another example of that?
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Anonymous | 15 Feb 2011 3:07 pm
I might be missing the point here but when it goes wrong, and it will, will money supermarket pick up the can or is this buyer beware and hard luck if you get it wrong,
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Astevens4 | 15 Feb 2011 4:30 pm
execution only is exactly that - you go direct and you muck up theres no come back - half the people that try the exe only route come a cropper and end up running to the arms of an IFA anyway! Hardly competition, just yet another route for the foolish / penny pinching to realise the value of real advice - after all, you get what you pay for!
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