Intelligent Money launches platform for inactive IFA clients

Added 8th September 2017

Investment manager and Sipp provider Intelligent Money has launched a white-labelled investment tool that allows advisers to offer a low-cost proposition to inactive clients they no longer serve face-to-face.

Intelligent Money launches platform for inactive IFA clients

The company said that the non-advised online investment service, called Managed Direct, meets the requirements of all advisers who need to evidence to the Financial Conduct Authority (FCA) that they offer a service level for clients who no longer receive face-to-face advice.

The service’s underlying funds are made up of ETFs, with Quilter Cheviot providing the discretionary investment management and Intelligent Money acting as the platform.

The product can be white-labelled for any advice firm.

Fees

The total cost of the platform to the client is 1.37% a year, which includes a 0.5% servicing fee for the adviser to help the client through the process.

The company claims this is less than some platforms that do not internally manage risk-reward to a set target date.

“We needed to develop a solution to this as, for an increasing number of people, online is the new real world. Any advice constraints would not allow for this, so we developed a non-advised direct offer solution that offered a fully managed service,” Julian Peniston Hill, chief executive of Intelligent Money said.

Beyond robo-advice

Penniston-Hill said the service did not include a robo-advice offering because it is “a highly flawed concept” as it carries the same liabilities as face-to-face advice and it takes too long for consumers to do online.

He added that robo-advice was mostly limited to Isas, and that the Managed Direct service will instead be able to also cover the pension issue.

The service has been developed alongside national and smaller advice firms over the past two years, and Intelligent Money is in talks with ‘several large firms’ for deals with the Managed Direct service, Penniston-Hill added.

The platform will be officially launched on 11 September, with Intelligent Money presenting it in 21 roadshows held alongside Quilter Cheviot around the UK.

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About Author

Eugenio Montesano
Eugenio Montesano

Senior Reporter

Eugenio joined International Adviser in July 2017 from Citywire, where he was editor of the Italian publications for over three years, covering the retail segment of the country’s asset management industry. Prior to that, he was an assistant producer at APTN, the Associated Press Television News, where he covered Italian politics and international news. Eugenio has a masters degree in International Journalism from City, University of London.

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