JustFA - More than a platform

Although these findings appear to be better than many feared, the FCA admit in the findings that this is “not a representative sample”.  And the review centred on the largest firms in the UK retail advice space - we would expect larger firms to have greater systems and controls.   We at JustFA - More than a platform believe that the vast majority of IFA and Financial Planning businesses will benefit from the adoption of digital advice technology to keep them compliant with these newly outlined FCA expectations of good practice regarding delivering ‘annual reviews’. The following cited good practice from the findings can all be automated efficiently with our digital advice technology: Client agreements and relevant consumer communications that clearly set out the nature and timing of the ongoing service. ✅ Effective systems and adequate resources to ensure suitability reviews were scheduled and offered as agreed.✅ Policies in place to stop collecting fees where a client had not engaged with the service for a period of time.✅ Appropriate record-keeping to make sure firms can evidence delivery of their services where provided.✅ Where suitability reviews were provided, ensuring: Clients’ circumstances, objectives, attitude to risk and capacity for loss were up to date.✅ Risk profiles, charges and performance of existing investments were reviewed and recorded to make sure they remained suitable or identified whether an alternative recommendation was required.✅ Communications to clients recorded the outcome of a review being a personal recommendation.✅ Contact Debbie Dry to find out more about how JustFA can digitise your business, keep your business commercially safe and profitable and deliver for clients. https://lnkd.in/ee58-G9A Kirill Ilinski Taras Rybak Wes Nixon FPFS FCII Linzi Walker DipFA #wealthmanagement #wealthtransfer #financialplanning #digitaladvice #consumerduty #ongoingreviews

A great article by Isabel Baxter at Professional Adviser on the risks and opportunities with the great wealth transfer. We at JustFA - More than a platform have been saying this for some time. For firms to protect their commercial interests and engage the next generation of clients, they will have to fully embrace technology. Specifically, end-to-end mobile enabled digital advice technology. Contact Debbie Dry to find out more about how JustFA can digitise your business and prepare you for and protect you against wealth transfer. Kirill Ilinski Alexandra (Sasha) Ilinskaia Taras Rybak Wes Nixon FPFS FCII Linzi Walker DipFA https://lnkd.in/eafPq6tr #wealthtransfer #financialplanning #digitaladvice #wealthmanagement #financialadvice

We could not agree more with the sentiment of this article by Ahmed Bawa in Professional Adviser. Younger clients are a huge opportunity for financial planning firms and no segments of clients is better suited to engagement via digital advice channels. The key to engaging the next generation who are at the beginning of their investment journey is automation of process to ensure profitability for firms and digitisation of interface to enhance and ensure client engagement. The ‘mobile generation’ expect full interaction with their adviser via their phones. We JustFA - More than a platform have seen benefits for and success by, advice firms who have adopted and embraced digital advice to engage the next generation. Engaging the next generation or even generations is more critical and relevant than ever, with pensions brought under individual’s estates from April 2027 and therefore potentially subject to IHT. The tax and wider family benefits of regular gifting from income are more pronounced than ever. Contact Debbie Dry, Norman MacLeod or John Driscoll to find out more about how JustFA - More than a platform can significantly enhance your firm's client proposition, business efficiency and profitability.   Kirill Ilinski Alexandra (Sasha) Ilinskaia Taras Rybak Linzi Walker DipFA Wes Nixon FPFS FCII Nixon   #wealthmanagement, #financialplanning, #digitaladvice, #advicegap, #consumerduty, #wealthtransfer

https://lnkd.in/ebCxZeQ5 This is a very insightful piece in Professional Adviser by Isabel Baxter. When we at JustFA - More than a platform talk to firms about implementing digital advice channels, there is often conflation of understanding between what is AI and what is automation of process – they are far from the same thing. AI has its place, and this is likely to grow but what is far more effective and useful to financial planning firms is automation of processes. No financial planner wants their expertise and experience to be replaced by AI but all planners and planning firms can benefit from enhanced efficiency through end to end process automation.  This can have a significant impact on either planner time and therefore quality of life, or commercial success by enabling more clients to be engaged. Contact Debbie Dry, Norman MacLeod or John Driscoll to find out more about how JustFA - More than a platform can significantly enhance your firm's client proposition, business efficiency and profitability.   Kirill Ilinski Alexandra (Sasha) Ilinskaia Taras Rybak Linzi Walker DipFA Wes Nixon FPFS FCII   #wealthmanagement, #financialplanning, #digitaladvice, #advicegap, #consumerduty, #wealthtransfer

https://lnkd.in/gffPtZGF A poignant article in Professional Adviser around the cost of delivering financial advice. We wrote an article in Citywire New Model Adviser (link to article in the comments) a couple of month ago on the subject of of the cost of delivering ongoing financial planning service to clients. The key to successfully delivering financial planning to clients where profitability is a challenge is the adoption of end-to-end digital advice technology, with greater client participation and significantly improved process efficiencies. We believe that with the adoption of our technology, financial planning firms need not be in a position where clients are being turned away.  Aside from the immediate loss of adviser charging revenue, there is always the unquantifiable loss of future opportunity from growth in the client’s wealth and through potential referrals. Contact Debbie Dry, Norman MacLeod or John Driscoll to find out more about how JustFA - More than a platform can significantly enhance your firm's client proposition, business efficiency and profitability. Kirill Ilinski Alexandra (Sasha) Ilinskaia Taras Rybak Linzi Walker DipFA #wealthmanagement, #financialplanning, #digitaladvice, #advicegap, #consumerduty, #wealhtransfer

A great piece by our own Wes Nixon FPFS FCII in Citywire New Model Adviser regarding tech stack builds versus adopting a bespoke end to end digital advice platform like JustFA - More than a platform. Advice and financial planning firms will have to adopt and then fully embrace technology to address the challenges we all face, including the risk from wealth transfer, addressing the advice gap, engaging the next generation of digitally minded client and improving productivity and therefore profitability of firms. Contact Debbie Dry, Norman MacLeod or John Driscoll to find out more. Kirill Ilinski Alexandra (Sasha) Ilinskaia Taras Rybak Linzi Walker DipFA #wealthmanagement, #financialplanning, #digitaladvice, #advicegap, #consumerduty, #wealhtransfer https://lnkd.in/eDuYyY9W

How can you use digital advice technology to mitigate the much-discussed risk to advice firms from intergenerational wealth transfer?? A digital advice channel is perfect for engaging the digitally minded next generation of client ✅ A digital advice channel facilitates the exploring of earlier and greater lifetime gifting to be reinvested by the next gen – an even more important consideration post Autumn budget ✅ Younger digitally minded financial planners can be teamed with senior planners to service both generations simultaneously in a cohesive proposition – providing succession of relationships and succession of assets ✅ End-to-end digital advice technology ensures that the next gen receive full advice on their own individual needs, charged a fair rate of value to both the client and advising firm - profitability at an individual client level is important to comply with requirements of The Consumer Duty ✅ According to Vanguard | UK & Europe , an estimated £7Trillion of wealth will be transferred in the UK in the next 20+ years. Is your financial planning business prepared and future proofed? Get in touch with Debbie Dry, John Driscoll or Norman MacLeod to find out how technology from JustFA - More than a platform can transform your firm’s client proposition and protect against the risk from wealth transfer. Alexandra (Sasha) Ilinskaia, Kirill Ilinski Taras Rybak Wes Nixon FPFS FCII Linzi Walker DipFA  #digitaladvice #financialplanning #wealthmanagement #advicegap #wealthtransfer

If you are in the stages of succession planning or considering capitalising your financial planning business, why should you considering implementing a digital advice channel ?? Protect your business and so your future buyer/successor from the risk of wealth transfer loss - use technology to engage the next gen client ✅ Boost your profitability and so boost your capital value - greater planner productivity leads to greater profitability ✅ Increase your longevity of client revenue - younger and digitally engaged clients can offer more than twice the client life span of traditionally engaged clients ✅ Demonstrate comprehensive client segmentation and so greater compliance with the requirements of The Consumer Duty ✅ Get in touch with Debbie Dry, John Driscoll or Norman MacLeod to find out how technology from JustFA - More than a platform can transform your firm’s client proposition and capital value. Alexandra (Sasha) Ilinskaia, Kirill Ilinski Taras Rybak Wes Nixon FPFS FCII Linzi Walker DipFA #digitaladvice #financialplanning #wealthmanagement #advicegap #consumerduty

What are the immediate benefits implementing a digital advice channel for financial planning firms??? Greater financial planner productivity ✔ Increased firm profitability ✔ The ability to deliver a digital service and engage with digitally minded clients✔ Greater engagement with the next generation of clients – helping to protect your firm against loss from wealth transfer ✔ Increased firm capital values ✔ Greater compliance with Consumer Duty obligations – delivering the right product & service to the right segments of clients at the right fee level ✔ Get in touch Debbie Dry, John Driscoll Norman MacLeod to find out how technology from JustFA - More than a platform can transform your firm’s client proposition. Alexandra (Sasha) Ilinskaia, Kirill Ilinski Taras Rybak Wes Nixon FPFS FCII Linzi Walker DipFA #digitaladvice #financialplanning #wealthmanagement #advicegap #consumerduty