Colonial First State and CommSec Adviser Services launch Portfolio Service

Colonial First State (CFS) and CommSec Adviser Services have announced the launch of Portfolio Service.

Portfolio Service aims to assist advisers to better manage their clients' investments by reducing and automating administration and reporting requirements.

Portfolio Service will provide advisers access to a wide range of investments and products through an online portal - listed securities, cash, managed funds and term deposits will all be available on initial launch, with managed accounts to be available in the future.

CommSec Adviser Services general manager, Eric Blewitt, said of the launch: "By bringing together the strengths of the two businesses, we can now offer advisers an investment management solution that will increase their efficiency and control, and importantly allow them to provide a better service to their clients. Aimed at advisers who have high net worth clients with direct share ownership, the service's flexible à la carte model allows advisers to tailor the product set for each individual client."

Specifically developed for the fee-for-service environment, Portfolio Service will launch with an annual flat administration fee.