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Adapt to thrive

Truestone Asset Management embraced the wrap concept in 2007 by adopting and adapting the Standard life platform to create the Truestone Investment Portal.

The payback from the portal was always seen as being long term but it is becoming clear this has been a win-win development for the business and for clients.

For the business, it is the conduit for consolidated valuations, portfolio analysis and rebalancing which helps provide the facility for a repeat revenue model. For the client, it has helped cement the financial planning and investment management by providing them with the knowledge of where their money is invested, how it is performing and the overall contribution to their objectives.

Truestone has always been proud of the service it has provided to its clients, dedicating a great deal of adviser, paraplanner and administrator time. We already many of the functions offered by wraps, such as asset allocation modelling, so it was not without a little cynicism that we investigated the value of an arrangement through Standard Life Wrap.

The quality of the Truestone service depends heavily on the intelligence gathered about a client. One of the most fundamental elements is an accurate assessment of the client’s existing assets. Advisers know how much time is dedicated to compiling this data. Having it availablefrom one source and inan accessible format hasbrought significant benefits.

The result is a quantifiable reduction in overheads, allowing the business to service more clients and redeploy resources previously involved in the valuation process. In terms of adviser time, the functionality of the system makes it far easier to get to grips with client needs. Advisers are becoming more efficient in developing recommendations and addressing client needs.

Client perceptions of the quality of your service will change. They may have been happy with the advice they receive but the Truestone Investment Portal also reassures clients that their adviser is in control of their affairs and that they are getting the attention they deserve. To some extent this might be viewed as a very soft benefit but delighting clients is important in generating close relationships.

For many years, advisers have been seeking to provide clients with a service that can merit an ongoing revenue arrangement. The first stage in delivering the solution must be to organise a client’s investments and other assets in a way that genuinely benefits them. The portal starts to make this possible and creates a mechanism for repeat revenue.

There are potential savings for clients. New purchases can be arranged more cost-effectively and ongoing management charges can be at institutional rates.

There are obstacles to overcome. The paperwork brings an administrative overhead and Truestone advises on certain less mainstream funds that Have you fallen in or out of love with your platform? Email will.henley@ centaur.co.ukwith your storycannot always be readily placed within the portal.

On the other hand, the portal will accept charitable accounts which are important for us as we provide advice on philanthropy.

The Truestone Investment Portal, provided through Standard Life Wrap, offers clients with greater control over their financial future and givces us greater certainty over future revenue.

Paul Szkiler is chairman of Truestone

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