AJ Bell to add auto-disinvestment function

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AJ Bell is making technical changes to its platform that will allow advisers to disinvest assets automatically.

Following the RDR most platforms enabled auto-disinvestment to allow advisers to take charges from cash accounts. But AJ Bell did not make the changes necessary, a policy it said was in line with other providers that had roots in the Sipp market.

Now the firm says it will introduce the function as part of a broader update due in the next six months. Advisers will be able to create, manage and delete regular disinvestment instructions on assets held on the Funds and Shares service and create instructions over a range of frequencies that include monthly, quarterly, six monthly or annually.

A J Bell marketing director Billy Mackay says: “Our platform has been developed with many of the key aspects of the online Sipp market at its core. Online cash management has been central to this. We are constantly seeking views on how to continue to build on this and further enhance the tools and functionality.”

Chadney Bulgin paraplanning manager Martin Green says the lack of auto-disinvestment led to his firm taking A J Bell off its preferred provider list and remains unconvinced. “I’ve heard that excuse so many times, it’s hard to believe. However, a bit like interest rates, if you keep saying they will go up, eventually you will be right.”