Openwork has launched legacy transfer technology to help its advisers move clients’ legacy business onto its platform.
The multi-tied national has put its own legacy proposition in place having previously worked with Veracity Asset Transformation and Legacy Asset Systems to help analyse its legacy book.
Legacy Asset Transfer Process has been developed at a cost of around £900,000 and analyses the associated costs of moving a client’s legacy holdings onto its platform.
The system is designed to help advisers decide whether it is beneficial to move clients out of legacy policies or not.
The system automatically produces the client report if an advisers decides it is appropriate to move them onto the platform.
Openwork proposition and marketing director Philip Martin says: “We think in the current regulatory climate it is prudent to ensure you have control over your legacy business and understand the implications of any charges which are applied in transferring them.
“We have listened to our advisers and built a system which will enable us to accurately scrutinise when it is appropriate to move clients out of legacy policies.”
Campbell Macpherson Associates managing director Campbell Macpherson says: “This move should be applauded and building the technology in-house gives the firm more control over processes.”
Openwork has also revealed the charges on its IFDL powered-platform which sees clients with up to £25,000 charged 36bps, assets between £25,001 and £100,000 charged 21bps, £100,001 and £250,000 charged 16bps, £250,001 and £1m charged 12bps and over £1m charged 10bps.
|Band of investment||Rate of charge|
|From £25,001 to £100,000||21bps|
|£100,001 to £250,000||16bps|
|£250,000 to £1m||12bps|