Fundment has launched a stocks and shares lifetime Isa (Lisa), following high adviser demand for the product.
The Fundment Lisa will provide a tax-efficient way for clients to save for a first house or retirement.
It further bolsters the adviser-led platform’s range of wrappers and accounts.
This currently includes a personal pension, junior pension, stocks and shares Isa, junior Isa and general investment account.
Investors may transfer cash or investments from another Isa (or a matured child trust fund) into the Fundment Lisa.
In-specie transfers are available from a stocks and shares Isa or another Lisa.
Providing a Lisa product can help pave the way for an intergenerational planning conversation, where suitable.
Fundment chief executive Ola Abdul said: “Advisers have been asking us for a Lisa, so we are delighted to meet that demand today – we have a proud history of anticipating and responding to adviser needs.
“Advisers’ experience when opening a Lisa should be as smooth as possible and, as a digital platform, we enjoy the challenge.
“We have removed points of friction when opening or transferring into accounts and when onboarding clients – simplifying things for advisers.”
MM Meets Ola Abdul, Fundment CEO
Matt Greer, a chartered financial planner with Navigate IFA, said several of his clients had been pushing for access to a Lisa.
“Clients in a Lisa earn £1 for every £4 they put in – a tremendous reward for those saving towards their first home or retirement.
“For us as advisers, there aren’t many platforms that offer a Lisa, so we’re delighted with Fundment. I’m looking forward to giving my clients the good news.”
Sharon Bray, practice manager at Jacksons Wealth Management, added: “We are always looking for more options from our platform providers.
“Since day one, Fundment has asked for feedback and listened to what we have to say. Fundment hears us and works with us to evolve a better experience for us and our clients.”
Fact box: The lifetime Isa
The lifetime individual savings account (Lisa) is a type of Isa introduced in 2017 to provide a tax-efficient way for people to save for a first house or retirement.
HMRC provides a bonus on any contributions made to a Lisa. This bonus is set by the government and is currently 25%.
A person must be aged between 18 and 39 to open a Lisa and they can contribute to it up to and including the day before their 50th birthday.
The amount they can contribute is determined by two allowances: the Lisa contribution limit (currently £4,000) and the Isa subscription limit (currently £20,000).
Transfers from non-Lisa Isa products count towards an individual’s annual Lisa contribution limit, but will not count towards their overall Isa subscription limit.
However, transfers from another Lisa will not count towards their annual Lisa contribution limit or their overall annual Isa subscription limit.
As with other Isas, gains and income are not liable to taxes.
In May last year, Fundment launched custom indexing, to allow investors to directly hold the individual stocks within an index and to personalise their holdings to match their preferences.
Custom indexing offers retail investors the control, flexibility and lower costs more typically afforded to institutional investors via segregated mandates.
According to Fundment, it broadens advisers’ ability to offer investment solutions more closely aligned with the needs and preferences of clients.
The previous year, the business teamed up with CashCalc in a bid to improve integration between the two firms’ adviser technology.
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