adviser

Financial advice. For everyone.

Regulation exasperation?

Michael Basi - CEO, Onvestor

As financial services professionals, it is fair to say that we have felt the effect of huge regulatory changes over the last few years. To keep up with the industry and ensure our firms comply with GDPR, MiFID II and other FCA reports is becoming increasingly challenging.

These changes come together to build an idea of what the financial services industry is aiming for – a world where every investor is well protected, and receives well thought out, transparent and clear financial advice.

This of course is something that every financial advice firm aims to achieve with their own clients, with their best interests at heart. Unfortunately, however, as time goes on it may become clear that not all of their clients are receiving the same amount of attention. Naturally enough, clients with larger portfolios that present greater opportunities for the adviser tend to receive more time than those with smaller portfolios.

With all the recent regulatory adjustments, this scenario raises a question – If you are not actively engaged with all of your clients, can you legally still receive trail income from them?

We don't believe so. We also believe that once the PPI claim deadline has been and gone in 2019, those 'ambulance chasing' lawyers may well turn their attention to this issue. Fortunately though, Onvestor provides a better solution for financial advisers that find themselves in this situation.

A bit of background about Onvestor

Onvestor are a team of financial advisers with vast amounts of experience in providing excellent holistic financial advice to our clients. On top of that, we have a marketing division skilled at creating mass-market propositions, and a highly qualified and efficient admin and paraplanning team.

Combine these areas of expertise and you create the ability to provide excellent financial advice to large numbers of clients efficiently and profitably, without losing the personal touch that clients enjoy with their financial advisers.

Excellent customer experience

Our clients currently experience a simple, speedy journey to a better financial situation through clever use of technology, starting with our free initial financial review. We can then provide clients with personalised, holistic financial advice through video calls, phone calls and instant messaging, with a much lower price barrier than traditional advice.

The solution that puts your focus where it should be

Financial advisers facing the challenges of changing regulation outlined above may be glad to hear Onvestor's solution.

The process is simple. You transfer clients you no longer wish to service over to us, then we take care of everything else including data cleansing, contacting clients, and dealing with all queries. Once the client has opted-in, we take on all regulatory responsibility for them and from then on provide them with our financial advice services. If a client chooses not to opt-in they are gracefully resigned as a client. Meanwhile, you receive the same trail income that you always have from us, plus a share of any future commission we receive from the client.

You can read about our proposition in far more detail by signing up for a brochure.

We believe our proposition is a truly win-win solution for all parties involved, removing the regulatory risk involved in receiving trail income from disengaged clients, and lowering the barrier to excellent financial advice for your clients.

Michael Basi - CEO, Onvestor

About the author

Michael Basi is the founder and CEO of Onvestor. With 20 years of experience in the industry, Michael is well versed in the challenges that regularly face financial advisers. Michael created Onvestor with the intention of lowering the barrier to advice for clients, and offering financial advisers an excellent solution for the regulatory issues they face.