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Whitechurch and In-Partnership toughen platform due dilgence

Whitechurch and In-Partnership are requiring new members to carry out platform due diligence on every client as part of efforts to de-risk the networks’ business.

The networks are rolling out a suite of products called Pegasus to members which includes the use of Capita’s synaptic comparator platform comparison tool. Whitechurch and In-Partnership are recommending advisers use the tool every time they want to move a client’s assets onto a platform. It will be mandatory for new members to do this.

The comparator tool will highlight the platforms on the networks’ preferred panel, which are Ascentric, Axa Elevate, Cofunds, Fidelity FundsNetwork, Seven Investment Management, Skandia, Standard Life and Transact.

Whitechurch managing director Ian McIver says: “This helps us to de-risk the business. Our view is the likes of Honister and other networks and nationals have hit problems because they did not have a central way of controlling the due diligence.”

Plan Money director Peter Chadborn says: “It seems like overkill. It is impractical to do it for every client and while it is a good tool, reliance on one tool is very dangerous.”

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Comments

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

  1. Natalie, as we discussed, one of the main benefits of doing individual client projections in Comparator, in addition to ensuring the client gets the best deal, & the advice is compliant, is to ensure the cash value of any Adviser Charges calculated from a % of FUM are optimised. Our experience shows advisers often give up £x,000 of future earnings without being aware of it. If an adviser has 250 clients, this can easily be £500k! In LAUTRO days would any adviser recommend a product paying 100% of LAUTRO where the client was £50k worse off, vs a product paying 140% LAUTRO where the client was better off? So why do so post RDR whether on or off platform?

    As a full portfolio projection (Cash a/c, ISA, SIPP, Bond, etc) across platforms & off-platform products takes only 2-3 mins per client, advisers will save considerable time vs the separate pension comparisons on portals etc they used to do. In addition, all projections will be on the same basis, which isn;t the case on portals.

    Firms using Comparator on a regular basis have also been offered PI insurance savings that cover their subscriptions!

    What’s not to like? Will

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