‘Cheapest in the industry’: SelfWealth launches trading platform for advisers
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SelfWealth (ASX:SWF) has launched a trading platform for financial advisers that it claims is the “cheapest in the industry”.
SelfWealth is known for its $9.50 per trade flat-fee platform, offering investors a relatively inexpensive way to trade in shares on the ASX.
And it has now launched that platform for financial advisers, saying it continues to challenge high-fee incumbents, with no percentage fees to be seen, on the new SelfWealth Adviser Platform.
The company says it is Australia’s first percentage fee-free non-custodial platform, and will allow advisers to trade on their clients’ behalf at the $9.50 rate.
SelfWealth founder and CEO Andrew Ward said he was excited to launch the product after 12 months of development with a small group of select advisers trading on the platform on behalf of their clients, while additional functionality was built and customised via a reiterate feedback process.
“Australian financial advisers are sometimes tied to trading platforms that don’t work in the best interest of themselves or their clients,” he said.
“They are also looking for greater choice and flexibility for their clients, and more so than ever, challenging the traditional custodial model and moving towards HIN [holder identification number] based platforms that reduce costs and hands ownership back to clients.
“This platform breaks the shackles and delivers immense value to advisers and their clients by only charging $9.50 per trade.
“Further to that, the model portfolio and rebalancing features have already generated a lot of positive feedback amongst the advisers already using the platform, due to the amount of time they save that can now be spent on helping their clients.”