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AJ Bell adds cash tools

AJ Bell adds cash tools

AJ Bell has launched a suite of cash management tools for advisers using its Investcentre platform.

The provider has designed the tool to make it easier to manage client portfolios by making cash movements more straightforward to set up and manage.

This will facilitate adviser charges, platform charges and income withdrawal, which Billy Mackay, AJ Bell’s marketing director, claimed will be particularly useful with the increase in income drawdown following the pension freedoms.

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The tools will enable advisers to:

View a summary of transactions in and out of client accounts;
Create one-off and regular cash transfers between a client’s self-invested personal pension cash account and their funds and shares cash account;
Create and manage cash movements within the platform

There are no additional administration charges for using the tools and no dealing charges for regular disinvestment transactions.

Mr Mackay stated that AJ Bell has invested retained profits back into the platform over many years, noting the recent improvements the platform’s data downloads to advisers’ back office systems, the information on payments made to clients and enhanced reporting for portfolio performance analysis.

Work is underway to include the launch of a managed portfolio service, based on low-cost passive funds, on the platform by the end of 2016.

Adviser view

Dan Farrow, finance director of SBN Wealth Management, said: “When a platform announces what should be a given in terms of functionality, it shows you how far behind most of the industry is in terms of investment in technology-driven platforms.”

katherine.denham@ft.com