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Julian Gibbs

BMC Profiles of Shrewsbury has introduced what I believe to be much

the best value financial planning service available.It enables IFAs

to produce financial plan-ning reports that are appealing, easy to

understand and graphically translate to the client his or her

financial needs and, most important of all, motivate them to take

action.

Profiles is a version of what is now probably the world&#39s most widely

used financial planning software for advisers. It has already been

tested on some UK IFAs.

For example, Clive Boosey of Sterling Financial Planning says: “I

must say, it is really rather good. Actually, it seems to make

difficult scenarios easy to understand, which is no mean feat. Unlike

some of the other packages I tried, it does not require hours of data

input, which is a welcome change. I think this will be a powerful

tool for our practice and not that expensive either.”

It costs around £1,000 per user each year. In the US, it is used

by many major companies including Merrill Lynch, Axa Group and

Metropolitan Life, as well as by a host of small broker agents. which

are similar to IFAs in this country.

The US experience is that it saves a huge amount of time for IFAs.

New users of Profiles increased their income by an average of 41 per

cent in the first year.

For those IFAs taking the fee-based route, most charge an average

basic fee of £850 for a Profile consultation and hourly rates of

£100 to £150 thereafter.

I find BMC&#39s presentation highly professional and impressive. Most

clients will love it and, more important, do business.

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