View more on these topics

The switch to service

I joined Arden Court as an adviser in 1999 when there were a total of three other advisers and one administrator.

At that time, the firm was fairly new and most of the income generated was in the form of indemnity commission to support the cashflow of a growing business.

Eight years on, the business has grown, we have more advisers, support staff, demanding clients and more overheads.

Last year, we decided to rethink our business model and to start moving away from a transactional, product-led approach to a service-based model, where clients value the service and advice that they receive and are willing to pay for it on an ongoing basis.

Our goal was for the business to have a predictable income stream and to have less reliance on constantly finding new clients.

The first stage was to segment our client bank and to create our client proposition focusing on the benefits we could bring to our ideal clients by them joining our wealth management service.

The next stage was to identify a technology provider which would be able to help us deliver the promises that we were making in the most efficient manner, from creating an appropriate investment strategy to monitoring performance and making changes when appropriate as part of our review service.

We selected Standard Life wrap for two main reasons. The ability to move assets away without any penalty if things go wrong. We almost had our fingers burned with a wrap provider that pulled out of the market last year and the level of training and support that they could provide during implementation.

Our first client went on to the wrap in September as part of a pilot project and initially the process felt a little strange and awkward while we were getting used to a different way of working and a new system.

Standard Life has provided excellent support and assistance throughout this phase and we are now rolling out our service proposition and wrap to all our advisers.

We are looking forward to seeing the effect that these changes have on our business and on the relationships that we have with our clients.

Simon Hinsley is operations director at The Arden Court Group


AMI creates TCF working party

The Association of Mortgage Intermediaries has created a Treating Customers Fairly working party which will be led by director Richard Farr.This comes after the latest report from the FSA in the run up to the next TCF deadline of March 31 which requires firms to have relevant management information in place.The TCF working party will […]

FSA to crackdown on poor RMAR submissions

The FSA is consulting on introducing a penalty administration charge for firms who persistently fail to properly submit their Retail Mediation Activities Returns.In its regulatory fees and levies consultation paper, published today, the FSA says it spends a considerable amount of resources dealing with firms who repeatedly fail to fill in the RMARs adequately.It says […]

Private securitisation deal for Express

Bradford & Bingley has privately placed a residential mortgage-backed securitisation of UK non-conforming loans from its subsidiary Mortgage Express.It is understood that the initial pool consists of about 78 per cent buy-to-let loans and 22 per cent self-certified mortgages although Bradford & Bingley would not comment on the details of the deal.The privately placed securitisation […]

SJP buoyant with investment and pension growth

St James’s Place has seen its sales grow by 28 per cent in the first nine months of the year and says it is on track to beat its staff target for the year.Sales have increased to £315.4m, with investment business up by 31 per cent to £176.8m and pension business up by 32 per […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment