Cofunds, FundsNetwork and 7IM have agreed to introduce sharing of client portfolios in what has been called an unprecedented move for the industry.
Advisers will be able to view client portfolios between 7IM and either of the other two platforms – on 7IM from the first quarter next year and later in 2008 for the other two platforms.
The contract enquiry capability already exists in 7IM for Zurich’s Sterling Onshore Bond, and will be extended to the rest of the Sterling platform.
The move will allow intermediaries to interrogate their records and gain a much wider view of client holdings from platforms where they can also transact business.
7IM says the cross-platform client asset allocation graphics will be broken down into more asset classes than has been the norm in the UK when viewed from the 7IM platform, in recognition of the increasing importance of multiple asset classes in portfolio construction.
Chief executive Tom Sheridan says: “This additional connectivity will provide financial planners and wealth managers with more choice for their clients, adding more credibility to their independent positioning. Not only will a wider range of tax wrappers be available, but also a broader selection of
securities and services. It should also lessen the need for platform-to-platform in-specie transfers, which will be welcomed by all market participants. All these advantages sit well with Treating Customers Fairly.”
Fidelity FundsNetwork executive director David Dalton-Brown says it will be adding 7IM funds onto its platform early next month.
He says: “Looking ahead, building connectivity between 7IM’s technology and our own platform will then offer real benefits for our mutual adviser clients – offering them more flexibility in how they work with us both.”
Cofunds managing director Andy Creak says: “Our strategy is clear. Different advisers want different things from a platform and our ambition is to offer a menu of options so we can support every type of firm.
“7IM are building a successful business organising portfolios for other firms of advisers both as managed funds and as discretionary mandates. We are starting by putting their funds on our platform but we hope to develop further reciprocal business links in the coming months.”