View more on these topics

Platform alteration put us on right track

Concept Financial Planning has invested heavily in technology to enable us to deliver a consistent client experience and allow us to spend more time with our clients and less time on routine admin tasks.

Choosing a new platform is not a decision we have taken lightly. We have been researching the market for the past 12 months to find the most suitable provider to fit with our business model.

We were pleased initially with the platform provider we have been using, although we believe its pace of change and future vision of the market has not developed enough. There were some fundamental requirements we needed that were not meeting our standards for clients and were not in line with the RDR, plus they raised charges while increasing profits.

The Wealthtime team spent time with Concept in getting to know and appreciate our business model and the way we work with our clients. This is paramount to us as service delivery is key for our clients. Wealthtime share the same beliefs as we do in how we like to treat our clients and they believe in what we do.

The criteria and process we used when assessing platform providers included:

  • Good technical support from the provider
  • Quality customer service to match our client-focused proposition
  • Functionality (ease of doing business)
  • Usefulness of online tools
  • Quality of reports to feed into our financial plans
  • Choice of funds
  • Tax wrappers
  • Costs, charging structure and transparency

It is essential that we view our clients’ investments as a whole as this is core to our financial planning proposition. Wealthtime has a range of tax wrappers that suit out clients. It also gives us the ability to dictate what asset classes go into the tax wrappers with ease, which we felt was core to delivering true financial planning to our clients.

It offers a simple unbundled charging structure from which to work and this is one which is easy for our clients to understand. Transparency is key for us and we know exactly how much the cost is from rebates to fund managers and other charges. Wealthtime offers any fund in the market on their platform and does not exclude funds on the basis that they do not pay rebates.

In terms of development and design, we understand exactly where Wealthtime is in the process and the vision for implementing facilities that will aid us and other users of their wrap in terms of efficiency through technology.

We completely understand that some people may not have heard of Wealthtime but it offers fantastic service with a strong proposition offering value to us and our clients. We firmly believe this platform positions Concept well in readiness for the RDR.

Paul Richardson is managing director of Concept Financial Planning

Recommended

3

UK banks have £136bn exposure to Japan

UK banks have around £136bn of exposure to Japan, according to figures from the Bank of England. Last Friday’s earthquake and tsunami wiped out many towns on the east coast and badly damaged a nuclear plant in Fukushima. Japan is still working to try to avert a full-scale nuclear disaster. According to the Press Association, […]

4

Labour: Parliament should look at urgent FSCS review

Labour says urgent reform of the Financial Services Compensation Scheme should be considered as part of the forthcoming Parliamentary scrutiny of financial services regulation. Late last year, the FSA announced that its planned review of the FSCS was to be put on hold due to the regulatory overhaul which will see the FSA replaced by […]

4

FSA should encourage in specie bond transfers

I was never a fan of Gordon Brown, far less his henchman Ed Balls. However, when I wrote to him years ago on the topic of unequal tax treatment, I got a rapid audience. Regrettably, the civil servants were not prepared to fight off the ABI lobby so it did not move forward. I made […]

Hutton backed away from DC ‘black hole’

Lord Hutton decided against recommending defined-contribution pensions for the public sector because of concerns it would create “a black hole” in Government finances. In an interview with Money Marketing, the Independent Public Service Pensions Committee chairman says switching to funded DC provision would have put an immediate strain on Treasury coffers. He says: “I decided […]

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com