View more on these topics

Why we switched platforms to Novia

Having used platforms and fund supermarkets for many years I cannot stress enough that, while essential, they are just another business tool. I do not want to undermine their importance, as they are an essential piece of software that we use to run the business more efficiently and provide clients access to the funds we recommend. However, they do not replace the core disciplines of solid financial planning, they just facilitate it in a more manageable manner.

The majority of our clients have retirement at the heart of their financial planning and whether it is an approved pension scheme, an Isa or a second home, the collective of their assets is their “pension” in the broadest sense. Once we understand a client’s needs and their vision – explaining the concept of wraps and platforms is much easier – it brings together the holistic planning for the future using a range of investments and enables everything to be seen in one place.

My experience of wraps and platforms pretty much goes back to their inception and as clients have come across to us, I have been exposed to all the main providers over the last 10 years or so. But, as I believe happens with most technology, things change and my current preferred provider which has always done a decent job has been overtaken, as I see it.

When looking for a replacement, we have decided for the moment not to limit ourselves to one provider. We will wholly embrace the retail distribution review but I do not think there is absolute clarity from the FSA on whether using just one wrap provider is OK, although they have not said otherwise either. For us, it is also a question of ensuring we have the right wrap/platform proposition for our clients’ needs and they do differ.

What we were looking for was technology that was not going to be immediately outdated, independence, a good user-friendly interface and strong financial resource.

From our perspective, Novia ticked all the boxes and the reputation and track history of the management team behind the business was also a big influence.

We know that the RDR will change things, although we are now virtually RDR-compliant, with a plan to move to chartered status by 2012.

We believe the adviser world will have to change, reducing initial charges and moving more to trail charges.

However, in other ways, what we do will not change. We will continue to stay close to our clients, offer solid finan-cial planning and clear advice on ever changing investment opportunities. What will help us will be leading technologies from modern wrap providers such as Novia.

Kevin Bailey is director of Wessex Investment Management

Readers wishing to contribute their wrap experiences should contact
tracey.scott@ centaur.co.uk

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