Lifetime Financial Management has launched a new service in a bid to service clients that otherwise may have been 'off-boarded'.
The 'Enhance' solution aims to enable planning and advice firms to provide a service and advice solution for lower portfolio value clients, which, Lifetime says will "improve advisers’ operational scalability without sacrificing care standards and support consumer duty requirements across all client segments".
The new offering will provide IFA’s offboarded clients with regulated financial advice, personalised planning, and access to coaches and advisers via regular reviews, webinars and the Lifetime app. Lifetime added that it will also streamline the onboarding and communication process to "ensure lower-portfolio value clients are fully informed, engaged and not overlooked". Ongoing monitoring and interaction will also be provided reducing any potential client risk.
Offboarded
Andy Wealthall, COO at Lifetime said: “Enhance has been created to support IFAs with the segmentation of their diverse client bank, to provide a reliable and experienced advice service to offboarded clients they are no longer able to service. It is our aim that no client seeking advice will fall through the cracks. We know financial advisers want to bring their expertise to as many people as possible, but with cost pressures weighing heavily on small firms in particular, it can be difficult to dedicate enough resources to all but the highest-value clients. Add the pressures of Consumer Duty to this mix and you soon have an even bigger problem.
The Enhance service was soft-launched earlier this year and already has more than 200 clients registered. Lifetime said that it is in process of welcoming 16 IFAs who are segmenting their lower-portfolio value clients, with talks ongoing with another 18 firms nationally. Based on current projections, Lifetime said that expects to onboard an additional 1300 new clients in the next quarter.
