Andrew Alcock from HUB24 says that if you think all platforms are equal, then think again.
“They’re certainly not interchangeable, especially from an adviser’s point of view, if say they’re looking to reduce the CGT when switching clients’ investments from one portfolio to another,” says Mr Alcock.
More advisers want to sit down with clients and know how much tax will be incurred before changing investments such as shares and managed portfolios or SMAs
HUB24’s tax optimisation tools help advisers understand, at different points in time, the CGT impact of switching between all available portfolios to better manage their clients’ tax position. Advisers can also choose which method to use for calculating CGT to further optimise their clients’ CGT positions, and good technology allows use of the most appropriate share parcels to achieve that goal.
“The HUB24 platform also goes the extra mile for managed portfolios by netting off the trades within an investor’s accounts so they can save on CGT and brokerage costs as well,” says Mr Alcock.
“In fact, across directly held assets such as SMAs and shares, the HUB24 platform can pinpoint which assets to sell first, to minimise CGT, regardless of whether these assets are being managed by the adviser or are a professionally managed option.”
“It’s not just about having the ability to choose which type of assets to invest in, it’s being able to have control over the tax bill, a significant influence on investment returns. Time and time again we’ve seen investors saving thousands of CGT dollars.
“Platforms that achieve this cannot be considered equal if they deliver value far beyond just the administration of assets”, says Mr Alcock.
