7IM has launched new tools and functionality enhancements to its platform following feedback from advisers and clients.
The latest wave of enhancements, part of a multimillion-pound and multi-year investment into 7IM’s proprietary technology, is a key pillar of its strategic growth plans and commitment to providing unrivalled service to advisers and clients.
The upgrades include the ability for advisers to charge for advice costs by setting up regular contributions from clients. This opens the option of advice to a new cohort of clients who may need support with their pensions but not necessarily need a full advice service. The fees can be paid in instalments that coincide with clients’ regular contributions and, to speed up the process, do not require online approval.
Other additions include:
• Portfolio drift reports for advisers who use DFM (Discretionary Fund Manager) model portfolios on 7IM’s platform. These will flag any possible ‘drift’ between the current fund weighting in an account and the DFM’s original model. The tool will help advisers to identify any further action that might be needed to rebalance client portfolios while updating clients.
• The addition of flexi ISA allowance on Client Review Reports. 7IM offers a flexi ISA as part of its platform proposition, meaning clients can replace money withdrawn in the same tax year, however, this can sometimes result in clients appearing to use ISA allowances greater than £20,000. This reporting enhancement will make it clear for clients what their full ISA allowance is.
• Funds SEDOL codes will now be included in client reports for positions and transactions to help advisers identify funds for reporting and to make transfers easier.
7IM has recently announced major investment into its servicing and transformation teams. The recruitment drive positions 7IM for growth as it seeks to cement its position as one of the leading vertically integrated players in the wealth management industry.
Russell Lancaster, MD Platform and Intermediary Partnerships at 7IM said: “We have introduced this latest series of enhancements to our platform as part of ongoing commitment to listen and respond to advisers and their clients. By adding the option for advisers to charge fees for setting up regular contributions, we are enabling them to offer their services to a cohort of clients that may not necessarily need full and comprehensive advice, while at the same time, making it financially viable for them to offer this service.”
“We continue to put advisers and clients first – standing in their shoes so that we can understand the challenges they face and address them by delivering tangible solutions. We know that we must constantly evolve what we offer in line with our adviser and clients’ needs if we are to realise our ambitious growth plans.”
