Positive Solutions is offering a tool that enables advisers to monitor where they spend their time and how much each client costs the business to help them prepare for adviser-charging.
The time tracking system has been developed with Syndaxi Chartered Financial Planning managing director Robert Reid. PosSol chief executive Jim Reeve says it will enable advisers to identify clients who are eroding value but IFAs will not necessarily choose to shed clients as a result.
He says: “One of the key challenges for IFAs will be dealing with clients in a positive and cost-effective way. No such tool exists, so we have developed our own and we are in the process of introducing it to partners.”
Reeve says PosSol will unveil seven additional initiatives early next year that will help advisers prepare for the RDR.
Hargreaves Lansdown head of advice Danny Cox says the majority of IFAs cost their services “on a wing and a prayer”. He says: “Most organisations do not time-cost the services they provide to clients, so it is quite difficult to price a service if you do not know how long that service takes.
“I think it is potentially a very useful service for members. The problem is, in the main, that most IFAs are not used to recording what they do with their time and it can be quite an awkward thing to do.”