SAN DIEGO –Sister broker-dealers CUSO Financial Services and Sorrento Pacific Financial said they have launched fundVISION, an innovative, consolidated platform for mutual funds which combines the ease and transparency of a brokerage account with the cost structure of direct business. The platform is fully integrated with the companies’ account management system, dataVISION, making it simple for financial advisors to use, and providing another remote delivery tool to improve relationships between advisors and their clients, the companies said.
The platform offers multiple advantages to both investment clients and advisors alike; in particular, the ability to hold multiple fund families in a single account offers the convenience of consolidated statements and tax documents while also providing the simplicity of diversification within a single account. Multiple fees are eliminated or reduced and money is invested faster than it would be with multiple direct business accounts, the companies said.
“This is really the perfect account for a small to mid-sized investor who has only or mostly mutual funds for their investments as it allows the client to have a single point of contact servicing all their mutual funds,” says Monica Daggs, chief administrative officer for CFS/SPF. ‘It’s also great for the financial advisors because it will reduce their costs and administrative tedium as there will be no more duplicative applications. It also eliminates mailing costs for applications, checks and prospectus delivery. We’re proud to be the first to offer this innovative platform, which, we think, is the future of mutual fund investing.”
The product was released for general availability to all CFS/SPF credit union and regional bank investment programs this week. CFS/SPF are supporting the rollout with training modules for financial advisors, comparison charts to show the differences between fundVISION™ and other mutual fund platforms, and a series of tips and FAQs to answer questions that advisors or clients may have.