InvestSMART Professionally Managed Accounts
InvestSMART has announced the launch of the InvestSMART Professionally Managed Accounts (PMAs), which will allow investors to create a portfolio from a range of model portfolios, while retaining legal ownership of the shares.
InvestSMART says that investors will benefit from low-cost brokerage - $5.50 or 0.11% (whichever is greater) on buys and sells - and low administration fees, as well as receiving one tax report for all their holdings.
“Our research shows that an accumulation of small fees including financial advice fees, implementation fees, platform fees and investment management fees can really eat away at investor returns. It is therefore essential that investors understand the fine print before investing," InvestSMART head of funds management, Alastair Davidson, said.
The new PMAs will replace InvestSMART’s Separately Managed Accounts (SMAs), which were managed using the Praemium platform, with shares held by a custodian, not the client.