Wealth management firm IOOF Holdings' Wealthbuilder investment bonds have been enhanced to support fee-for-service advice.
The improvements made to the offering would give advisers the choice between the existing commission-based remuneration structure or a fee-for-service model all within the one product, IOOF general manager of distribution Renato Mota said.
"These enhancements underline IOOF's commitment to the investment bond product suite, which it considers to be the most tax-effective vehicle outside of superannuation," Mota said.
"With the current contribution limits to superannuation, investment bonds provide a stable yet flexible vehicle for investors looking for a tax-effective medium-term investment."
He said the firm supported the industry's move to fee-for-service.
"IOOF supports the industry's move to a fee-for-service environment and it is critical that product providers like IOOF offer solutions to support advisers in this changing environment," he said.
"It was important to make the changes in such a way that provided advisers flexibility to adapt the product to their own business model, particularly given we are dealing with an existing product and clients.
"We were conscious of not creating another legacy product for advisers or their clients."
IOOF platforms Pursuit and The Portfolio Service and dealer groups Bridges Financial Services and Consultum Financial Advisers have already adopted fee-for-service.
Wealthbuilder currently contains 12 different investment options across various asset classes.
