Adviser platform Parmenion today announces plans to introduce tiered adviser charging on its platform to support evolving business models in advice businesses.
With the latest Investment Trends research* reporting that 40% of advisers have or are planning to change their charges, this development will allow Parmenion users to tailor charges to different client segments quickly and easily. In the light of Consumer Duty, it provides valuable support for advice firms who want to actively manage their charging structures to demonstrate the value they provide.
This is just one of many new features Parmenion are introducing this year, as they continue to flex their proprietary technology and agile development to build products and services that really make a difference to advisers, their businesses and their clients.
From late summer this year, Parmenion will enable advisers to:
- create different adviser charging structures on the platform, determine the number of tiers and the percentage charge for each tier
- link new and existing clients to the correct tiered charging structure and move clients easily between charging structures
Parmenion Head of Retirement and Wealth Planning, Daniel Edwards commented:
“Adviser charging replaced commission as part of the 2012 Retail Distribution Review (RDR). Since then, there has been surprisingly little innovation, with single percentage-style charging still underpinning many advised businesses.
At Parmenion we pride ourselves on listening to advisers and responding to their needs. We are introducing tiered adviser charging in answer to this key ask which we have been hearing from many of the advisers we speak to and is backed up by the latest Langcat research and Investment Trends reports.
“Having the flexibility to shape their own charging structure for different clients should help advice firms to meet their obligations under Consumer Duty and evidence how they are providing value and delivering good client outcomes.”
Advisers interested in learning more about tiered charging options on the Parmenion platform can sign up for their regular platform progress update at The UK's Best Investment Platform | Parmenion.
*Investment Trends 2024 Adviser Technology & Business Report
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.
