Cofunds piloting Barclays Stockbrokers
Cofunds has appointed Barclays Stockbrokers to provide retail share dealing facilities on the platform to help advisers consolidate their clients’ holdings.
According to Alastair Conway, sales and marketing director for Cofunds, its stock trading service is currently being tested with 10 pilot accounts providing advisers with online access to Barclays Stockbrokers through the Cofunds website.
The move allows advisers to get multiple asset classes such as stocks, bonds, exchange-traded funds and investment trusts on the platform, and trade these on behalf of their investor clients.
Mr Conway said: “With advisers wanting to consolidate their client’s holdings on a single platform, this new service will offer greater investment choice.
“With Barclays Stockbrokers being the largest execution-only stockbroker in the UK, it can improve on the best price available at the time of execution.
“It can do this through the Barclays Stockbrokers’ price improver facility, which in 2011 beat the best price in the market 88 per cent of the time, saving investors an average of £11.39 a trade. Cofunds’ clients can now able to benefit from this.”
Mr Conway added that money can be transferred from the Cofunds cash account to Barclays Stockbrokers and vice versa, or directly by the client by bank transfer, debit card or direct debit.
Rupert Dickinson, head of Barclays Stockbrokers, said: “This venture with Cofunds will provide access to a comprehensive investment range through two complementary, multiple award-winning businesses, offering advisers and their clients greater choice in a simple and cost-effective manner.”
Kim Barrett, managing director of Hertfordshire-based IFA Barretts Financial Solutions, said: “It is not something new but it means Cofunds is upgrading itself to become a more professional platform provider.”