Leading adviser management software provider, Intelliflo, has today announced details of the Simplified Investment Advice service targeted to launch this Summer to clients of advisers using the Intelligent Office (iO) Personal Finance Portal (PFP). Advisers can choose which clients have access to the service.
A configurable advice process incorporating attitude to risk and investment projection tools will be available allowing clients to experience a fully online and automated process.
Advisers can choose from a suite of risk-rated default investment solutions as rated by Square Mile Investment Consulting and Research Limited. Cofunds, the UK’s largest investment platform, has been selected to extend the existing deep integration with iO for trading, execution and payment of ISAs and a General Investment Account.
The easy-to-use risk profiling tools have been developed in partnership with Oxford Risk, who are leading experts in the field of risk and analysis, dedicated to the practical application of knowledge in risk and risk behaviour.
Investments made by clients will be available for advisers to view, so they can monitor activity. All investments and selections made have a complete and comprehensive audit trail with the ability for the adviser to configure in “stop scenarios” whereby a client cannot continue. This will allow advisers to intervene and facilitate specific advice to ensure clients are making wise decisions based on their financial situations.
Nick Eatock, Intelliflo’s executive chairman comments:
We’ve designed our simplified investment advice service to give advisers a tool to service clients who want quick and easy access to investment options for reasonably modest amounts of money.
Typically, these clients will not want or need face-to-face consultation with a qualified adviser – or the costs associated with personal advice - for these sorts of investment decisions and would otherwise go elsewhere. Offering a low cost, automated service that allows advisers to have an overview of activity and step in if and when it is in the clients’ interests to do so is a benefit to both end clients and advisers alike.
The cost of the service to end clients will be determined by the fund charges within each investment solution, the Cofunds’ platform charge and the adviser’s own charge, which will be flexible to them. Charges will be transparent so clients will be able to make an informed choice before using the service.
David Hobbs, Chief Executive Officer of Cofunds added
Following the publication of the FAMR we expect advisers to be even more focused on considering how they can use technology to reach out to clients with simple needs who can’t, don’t need to or won’t yet pay for advice. We’re pleased to have been selected to work with Intelliflo to explore deepening our existing integration, with the aim of enabling the customers of their users to self-serve by bringing together PFP’s front to back-office expertise, an intuitive online user-experience and the power ‘under the bonnet’ of Cofunds.
The new service is planned to launch in Summer 2016 and will reflect input from a number of advice firms whose clients are signed up to use the PFP and will have early access to the investment tools.
Les Sharpe, from Clairville York is keen to be involved from the outset:
We already use the PFP service with clients, generally higher value ones. This addition facilitates our ability to provide a light touch self-service solution for other clients, including employees and early savers, who cannot currently afford our full service, but still require guidance from their adviser. The ability to configure the technology by firm will enable us to compete with the big boys, but on a more personal basis. We see this as the next step in the development of our business, helping us to expand our reach and provide a better experience to those clients we have struggled to service properly until now.
For further information please contact:
Jo Rimmer, Redspark PR
Tel: 07970 088383
Tel: 01376 523 654
Square Mile Investment Consulting and Research Limited
Jamie Farquhar, Director
Tel: 020 3700 7390
Intelliflo (www.Intelliflo.com) has been providing information technology services to financial services companies since its formation in 2004. Its leading web-based business management software, Intelligent Office, helps financial businesses large and small to improve efficiency and increase profits. Intelligent Office supports over 1,600 firms and 14,650 users with assets under advice of £243 billion (as at 31 December 2015).
In July 2013 HgCapital, a leading European private equity investor in B2B technology companies, became a majority shareholder in Intelliflo Ltd. HgCapital has a wealth of expertise in developing web-based software businesses and is committed to supporting the next phase of Intelliflo’s growth.
In March 2015 Intelliflo was listed among the top 25 best performing privately owned technology companies in the UK mid-market. The list is compiled by Megabuyte’s independent and highly-regarded research team and is based on financial performance and long-term potential.
Cofunds is the leading investment platform for advisers and other financial institutions, with assets under administration of over £76.91bn*. It provides flexible administration and management services for advisers and their clients as well as dealing and custody services for financial institutions. It does not offer investment management or advice, nor does it compete with advisers by offering its services direct to the end client. Cofunds exists to serve the needs of institutions, advisers, their clients, and fund managers.
Cofunds is wholly owned by Legal & General and authorised and regulated by the Financial Conduct Authority.
* Source: Legal & General Q4 IMS. Figures correct as at 31/12/15 and made up of Cofunds and Investor Portfolio Services
About Square Mile Investment Consulting and Research Limited
Square Mile (www.squaremileresearch.com) is an independent investment consulting and research business that works in partnership with financial advisers, wealth managers, investment platforms and life companies, to provide tailored investment services.
Square Mile’s experienced team of investment professionals understands the factors that drive the investment industry and affect investors. Their investor-focused business model and outcome-driven, risk-based approach provide them with the flexibility to keep pace with long-term regulatory and industry changes.
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