The Clarkson Hill Group has completed its risk assessment strategy for the business, moving the status from funds under influence to funds under management.
Clarkson Hill says this should improve their risk status and professional indemnity insurance premiums will come down as a result.
Director of strategy and development Bill Moncrieff says the first stage of segmentation of clients is underway and assessment of the group’s risk profile and a full analysis on existing funds under influence has started.
The Cambridgeshire-based national IFA, with 300 advisers hopes to have selected a wrap partner by the end of the year.
It is currently undertaking due diligence on several wrap providers to move its advisers to more fees and renewal-based income, though it still recognises a definite place for commissions.
Moncrieff says: “Currently, we are undertaking due diligence on a number of platform providers and assessing our own advisers on their competencies for this undertaking.”
Clarkson Hill has also partnered with Enterprise Group for its sub-prime packaging business.
Moncrieff says with the FSA’s current focus on the sub-prime market, partnering with an established packager will cut through the complexity of the changing nature of the regulatory landscape in relation to specialist areas like sub-prime.
The group uses Trigold for its prime business but says a specialist area like sub-prime needed additional expertise and is currently writing around £1bn in mortgages on an annual basis.
Enterprise chief executive Michael Clapper says: “We are very pleased to be working with such a well known and professional national IFA like Clarkson Hill and we are confident that their Edge system will provide their advisers with all the support they need to remain safe in the sub-prime market.”