In response to a Money Marketing article raising adviser questions over the service, Just Reasons Why Letters has written in defence of advisers using its ‘no IFA input’ suitability report service for as low as £49.
Our service has evolved and has been painstakingly honed over the past seven years. The idea behind JustReasonsWhyLetters.co.uk is simple: we want to set advisers and paraplanners free to carry out more lucrative work by offering cost-effective ‘done for you’ reports within three working days.
Our clients (some of whom have been using us for years) tell us that they are very happy indeed with our service, the quality of content and the pricing. Once sent to our clients, the suitability letters are of course scrutinised from time to time by various compliance bodies as part of routine file checks and we have never encountered a single problem.
Anna Sofat is absolutely correct in that a service like JRWL was bound to happen. In fact, in a world where countless specialists already provide all manner of outsourced services to advisers, we are surprised that a ‘done for you’ option hasn’t appeared before. It is just another natural addition to the many outsourcing options already available. Like outsource specialists in other fields, JRWL has created ways to streamline processes and production in order to produce great personalised reports, whilst generating a profit through economies of scale.
As the name suggests, JRWL does not offer any paraplanning services. We are ‘Just Reasons Why Letters’. We offer a suite of reports including mortgage, protection, pension, pension switch, annuity, equity release, ISA and bonds. We do not anticipate providing suitability letters for more complex cases in the near future.
However, due to popular demand, we are currently formulating ways to provide ‘done for you’ pension transfer reports (which can currently consume a significant amount of adviser/paraplanner time), for which pricing will be substantially higher than our standard charges for other products.
We understand that ‘no IFA input’ may seem either unlikely or too good to be true, but as they have already gathered the information required and researched the individual case, we use that information to produce the report, in exactly the same way as they would in-house or through an outsourced paraplanner.
The personalisation of every report is very easy. We refer to the hard facts as recorded in the fact find and also to the softer facts which the adviser routinely adds to the fact find or other meeting notes. We understand a client’s circumstances, needs and priorities as quickly and easily as a compliance person conducting a file check; it’s the same information in the same format which we use to produce the suitability letter.
However, an added benefit of using JRWL is that we flag up any errors or omissions with the adviser to resolve them pre-sale and/or pre-compliance check.