MLC has embedded a free adviser tool in its MasterKey Custom platform, a move the group considers as being the next evolution of separately managed accounts (SMA) and individually managed accounts (IMA).
MasterKey Custom head David Wappett said the AMA allows advisers to manage their clients' direct shares and managed fund portfolios by letting advisers create, amend and rebalance their own model portfolios.
"We haven't layered any extra cost onto this. It's all part of being part of the custom platform," Wappett said.
"It's available there as a tool to the adviser for free, effectively. We have no current intention for there being a fee for it."
Wappett said the AMA allows advisers to manage their clients' direct shares and managed fund portfolios by letting advisers create, amend and rebalance their own model portfolios.
"While you can use it for 100 per cent direct equities you can also use it for a combination of direct equities and managed funds," he said.
The AMA was devised following a review of the market and adviser demand, Wappett said.
"At the moment a lot of the SMA market is heavily concentrated just on the direct equity part of the client portfolio," he said.
"We think the broader appeal is to do what we've done which is to allow a mixture of equity and managed funds as advisers want."
Wappett said the AMA has also been embedded into different tax structures.
"In a lot of cases the SMA and IMAs are difficult to embed into our superannuation products, though [the AMA] is fully integrated into our public offer super product and also our outsourced self managed super service," he said.
The AMA is very efficient with advisers able to build up to 50 AMAs to link to multiple clients with similar investments. Online access will also be available for clients to view their portfolio.
