UK-based platform Parmenion has launched a service to provide open architecture access to advisers who want to build and run their own portfolios.
Advisory Models Pro “signifies an important new direction for the platform”, Parmenion said.
Parmenion previously focused on its discretionary fund management (DFM) model portfolios and third-party DFM solutions, but the addition of Advisory Models Pro enables the company to concentrate on adviser firms that want to “design and deliver the right proposition to their clients”.
The tool will allow ongoing performance tracking of the model portfolios which will help advisers take care of their client outcomes obligations due to the upcoming Consumer Duty.
It will be available for both existing and new adviser firms on the Parmenion platform from Autumn 2022.
‘Widen proposition’
Martin Jennings, chief executive of Parmenion, said: “Having built a fantastic reputation for investment excellence and technology that just works, our new ownership’s support means that we can widen our proposition in our drive to be the adviser firms’ CIP provider of choice.
“We have ambitious plans to grow the business through working with advisers and our research tells us that adviser firms are increasingly taking a hybrid approach to how they manage their investment proposition.
“For some clients, advisers will use outsourcing to DFMs such as Parmenion Investment Management, while for others direct control of their investment strategy is key.
“By using technology and data to solve the issues that frustrate advisers the most, we believe the launch of this new service will help advisers drive down cost by being more efficient and effective in how they run their investment proposition, whilst at the same time minimising the risk of errors and breaches.”
