While CBA said the service has been designed for fee-for-service models, it can support a wide range of advice fee structures.

Both CommSec Adviser Services and Colonial First State will offer Portfolio Service, which provides advisers with access to a range of investments and products through an online portal.

“Listed securities, cash, managed funds and term deposits will be available on initial launch with managed accounts to be available in the future,” said CBA.

CommSec Adviser Services general manager Eric Blewitt said the service is 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,” said Mr Blewitt.

“Additionally, cash and listed securities are held directly in the client’s name, appealing to advisers whose clients are seeking a high degree of control and transparency such as SMSFs. With the ability for clients to view their portfolios they can remain connected to their advised investments.”

Client, adviser and dealer group level reporting, model portfolio management, online corporate actions and IPOs, tax optimisation tools and third-party data feeds sit across all the products in the service, he added.

Colonial First State general manager of products and investments, Peter Chun said the service will target the needs of “advised high-net-worth clients and the SMSF market by supporting directly held assets and offering access to a broad range of asset types and a full range of portfolio reporting”.

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