View more on these topics

Platform focus: 7IM aims for a hat-trick

7IM’s triptych is strong but does the platform stack up in isolation?


Seven Investment Management wears three hats in retail financial services. The first is an asset manager – the group provides a range of risk-rated multi-asset and multi-manager funds. More recently, the platform launched model portfolios that allow advisers to allocate client funds to seven risk-graded investment strategies.

Second, they provide a full discretionary management service for individual clients or families with more than £200,000 to invest.  

Growing trend

We would anticipate that the platform will benefit from the growing trend for advisers to outsource the investment piece.

Lastly, the platform – the main focus here. With assets of £6.3bn as at 31 March, they sit very much in the middle of the assets under administration pack compared with peers. 

7IM does not disclose sales data to The Platforum but the current AUA tax wrapper split for the platform sees unwrapped assets at around 30 per cent, with 21 per cent in Isas, 40 per cent in pensions and 8 per cent in offshore bonds. 

The AUA split by tax wrapper confirms that this platform is used by advisers not just for vanilla investment and Isa portfolios but for those clients also requiring more complex tax structures – this would seem to be borne out by its relatively high average account size.

Users, especially “primary” platform users (those advisers who have the highest proportion of their client assets with 7IM) are generally happy, particularly with the service received from sales, support and relationship managers. Advisers have also reacted favourably to some of the digital innovation to come out of 7IM, most notably its app, 7IMagine.

Appeal to a broader suite

Many users see 7IM as an integrated platform and asset management solution – a key question is whether the platform can (or indeed wants to) appeal to a broader suite of advisers who choose to use just the platform in isolation. 

If that is the case, it is not immediately clear what its standalone platform USP is. 

If plans are to grow the business off the back of selling investment solutions, too, then the big ongoing march towards outsourcing investment portfolio management should see increased momentum moving forward. 

Very much a small to mid-term player, they need to pull a rabbit out of a hat if they are to accelerate in the big boys’ league but momentum is steady and maybe they are happy to be small and perfectly (?) formed.

The Platforum’s take on price

7IM simplified and reduced its charges in 2012. With all inclusive trading fees and a top tier of 30 basis points, the platform has become a lot more competitive. The £95 plus VAT fee for Sipp is only applicable to 7IM’s two preferred Sipp partners – other providers used might incur additional fees, so need to be factored into any platform comparisons.

Holly Mackay is managing director of The Platforum


ADVISER VIEW: Jason McGuigan

“We first came across the platform because we were using 7IM funds. Now we find the client reporting is a real value add. Many of our clients feel they get too much paperwork from other providers and investments houses. The downloadable reports from 7IM are easy to understand and clients like that. A lot of time has gone into developing the app and some of our clients use that a lot. But the only drawback is the website now looks slightly out of date in comparison.” 

Jason McGuigan is director of financial planning at Critchleys


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Nice advert for them this ‘article’

Leave a comment


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