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Self Trade offers portfolio service for IFAs

E-broker Self Trade is rolling out a dealing service allowing IFAs to manage their clients&#39 stock portfolios through a comprehensive execution-only share system.

Currently only available to online banks, including Cahoot, the service allows advisers to deal online, access clients&#39 trading histories and calculate fees. It will be aimed at fee-based IFAs with high-net-worth clients later this year.

It also has a bulk dealing capability enabling IFAs to buy or sell a particular stock across all their clients&#39 port-folios simultaneously. They will also be able to manage clients&#39 collective fund holdings in a single portfolio.

IFAs can agree a discounted charge with Self Trade for using the service and arrange a separate fee with their clients. Alternatively, they can refer clients directly if they do not want to manage the stocks themselves.

UK managing director Peter Moores says: “This has been done in the US and we have had good feedback here. We can do what the fund supermarkets can&#39t – provide access to stocks as well as funds – and we feel IFAs will see the benefits.”

Plan Invest joint managing director Mike Owen says: “Stocks can be a bit of a white elephant in some client&#39s portfolios so it could be of interest. But it would be a big upheaval for many IFAs to move from a fund supermarket.”


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