Adviser platform Parmenion has announced the launch of Advisory Models PRO, a service providing open architecture access to advisers who want to build and run their own advisory portfolios utilising the platform's proprietary technology.
This technology has been used for some 15 years to run DFM models. Now, it will be opened up to advisory models, marking a new direction for the platform.
Parmenion is focused on becoming the provider of choice for advisers who run a CIP, and the addition of Advisory Models PRO to its own DFM MPS, Affinity service, and third party DFM solutions enables adviser firms to design and deliver the right proposition to their clients.
Advisory Models PRO, which will be available to existing and new adviser firms on the Parmenion platform from Autumn 2022, enables dynamic reporting at both adviser firm and client levels. Ongoing tracking of model performance supports tracking of client outcomes, meaning advisers can be confident in delivering against upcoming Consumer Duty obligations, Parmenion stated.
Management reporting is designed to give "digital nudges" to make it easier for clients to remain in line with objectives. Administration burdens are tackled through use of digital consent and audit trails, supporting straight through processing following consent.
Parmenion CEO Martin Jennings 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."
Parmenion reports that the value of investments under its management now exceeds £9bn. More than 1,500 adviser firms are using its services to deliver an investment proposition to over 90,000 underlying clients.
