Wealth management firm Perpetual will make fees on its WealthFocus platform more flexible in response to the industry's move to fee for service, Perpetual general manager of platforms Gai Ferrington has said.
"With the commission reform coming on 1 July 2012, we are working with dealer groups and advisers to make sure that WealthFocus can provide full flexibility so that they can charge their remuneration in a number of different ways," Ferrington said.
"We will be introducing changes to the adviser service fee, including changes to a member advice fee. We will continue to provide additional flexibility for clients and advisers for payment of advice."
WealthFocus has also been beefed up with the addition of a dozen funds, lower insurance premiums and improved online functionality.
New funds include MFS Global Equity, Premium China, Schroder Global Emerging Markets, Walter Scott Global Equity (hedged), BlackRock Global Small Companies and Zurich Investments Global Thematic Share.
"We now provide over 80 investment funds on the platform. We are finding dealer groups and advisers are demanding more global-style funds and index funds," Ferrington said.
Vanguard Australian Share Index, AMP Capital Global Property Securities, Schroder Fixed Income, RREEF Global Property Securities, All Star IAM, Australian Share and All Star Income were other funds added to WealthFocus.
Ferrington said WealthFocus had boosted its insurance offering, with short-form applications for up to $1 million for death insurance only, $800,000 for death and total permanent disability insurance, and $8000 salary continuance per month.
"We have also reduced our premiums. Depending on the client's scenario there have been improvements to premiums overall," she said.
"We have continued to invest in our online functionality. We currently provide advisers with the ability to track insurance applications and claims online.
"For insurance, we will deliver online applications and continue to improve the benefits of the policy."
