Advisers using AJ Bell’s Investcentre are now able to access managed portfolio services from FE FundInfo and LGT Vestra through its platform.
AJ Bell said today (August 17) it had launched the service — initially announced earlier this year — to provide advisers with access to a range of outsourced investment solutions.
It confirmed FE FundInfo and LGT Vestra were the first of a “select group” to be added to the platform, with Brewin Dolphin to join the service in due course.
AJ Bell said more third-party MPS partners would be added in line with demand from financial advisers.
Billy Mackay, marketing director at AJ Bell Investcentre, said: “Expanding our model portfolio service to include external portfolios alongside our own investment solutions is something advisers have asked us for and we are pleased to be able to offer it.
“Advisers will now be able to utilise the investment expertise of a carefully selected panel of third-party MPS providers, while benefiting from our platform’s competitive charges, excellent service and intuitive functionality.”
Mr Mackay said the move gave advisers more choice to help service their clients’ needs.
The third-party MPS will sit alongside the existing AJ Bell MPS option and the AJ Bell multi-asset funds.
AJ Bell will provide the tax wrapper, custody, dealing and settlement service while the adviser appoints a selected third party DFM to manage the funds.
They are available via AJ Bell Investcentre’s Retirement Investment Account, Sipp, Isa and General Investment Account, and clients will continue to pay AJ Bell’s existing platform charge when using the new service alongside the charge levied by the third-party MPS provider.
Last month AJ Bell announced it would enter the retail cash savings market by the end of the year by launching a cash savings hub via its direct-to-consumer platform Youinvest.
The news came as the firm reported total assets under administration of £54.3bn as at the end of June — up 7 per cent over the past 12 months and 12 per cent in the quarter.
What do you think about the issues raised by this story? Email us on email@example.com to let us know.