Asgard has launched a custodial shares account facility through eWrap Investment, enabling the simpler management of corporate actions that affect the clients of financial advisers.
Under the new facility, Asgard will become the custodian of any shares held by customers via the eWrap investment account with the investor retaining the beneficial ownership of the equities.
It means Asgard will then provide advisers, and in turn investors, with all of the corporate action notifications and share registry correspondence online. Asgard will also process all of the transaction and tax reporting associated with these share holdings.
The new arrangement will mean individual clients will no longer have to fill in any paperwork for dividend elections and will receive all dividend notices as part of an annual tax statement prepared by Asgard.
"What this solution delivers is less paperwork for the adviser and their client, easy management of share opportunities and more control of their client's corporate actions," Asgard national product manager Kelly Power said.
"It will allow advisers to demonstrate their full value by moving their client's shares onto the platform with their other investments and to offer advice inclusive of shares and exchange traded funds (ETFs)," she said.
The popularity of ETFs and direct equities among high net worth clients were grounds for justification of having shares on a platform, according to Power.
"Having shares on platform offers superior visibility, allows advisers to fully participate in the growth of SMSFs and helps with managing compliance and keeping general affairs in order," she said.
The move was the first of a number of improvements to Asgard's equity services.
The company has already planned to follow this initiative with templating and bulk trading in the near future.
