7IM has revealed several updates in the functionality of its platform to make it easier for advisers to manage clients' discretionary fund management (DFM) model portfolios.
Three updates were set out on Thursday (28 April) including dedicated DFM model screens, the introduction of audit reports, and enhanced data integration with the back office which allows for a more detailed analysis of a client's model use.
The dedicated screens for managing model portfolios allow advisers to view which of their clients are invested in which models, how much is currently invested and when they started investing. This upgrade has an extension also providing the ability to link and unlink client portfolios to specific models, the firm said.
The new audit reports detail which clients have invested in a model portfolio, and improves upon the speed of accessing historical client data, particularly for those bigger firms with a large client base, according to 7IM.
Verona Kenny, managing director, intermediary at 7IM said: "We are always looking for ways to not just ease the administration burden on advisers but also enhance the overall experience of using the 7IM platform. These updates to our platform will make it easier for advisers to manage their client's portfolios.
"These, and other updates we have made, come from listening to what advisers need. This continual feedback is what drives any enhancements we make. Overseeing our own technology makes us incredibly nimble at being able to prioritise and make changes quickly that can make our service to advisers as helpful and straightforward as possible."
7IM made several other recent upgrades to the platform, including upgraded client information for the 7IM SIPP and new features to the MiFID toolkit to help advisers with their 10% drop reporting and costs and charges requirements. It has announced that it will make additional functionality improvements throughout the year.
7IM manages £20bn in assets and recently bought two firms - TCAM Asset Management and Partners Wealth Management.
The firm is also dealing with the fallout of two inherited TCAM funds, now 7IM Absolute Return Portfolio and 7IM Income Portfolio, which were exposed to a collapsed securitised debt vehicle.
At the end of last year, Brooks Macdonald approached 7IM controlling shareholder Caledonia Investments - which acquired 7IM in 2015 for £100m - about a takeover deal, according to Sky News. The offer valued 7IM at £300m, was reported to have been rejected by Caledonia.
