Technology and Financial Services firm True Potential Investments has launched a new service that will make it easier for clients to save while enhancing relationships between advisers and their clients.
ImpulseSave® is now available on True Potential client websites (offered to all clients of True Potential Wealth Platform adviser firms). It enables investors to ‘top up’ investments that have been previously advised upon, at the touch of a button. They can choose to top up at account level or at fund level.
True Potential says the service will make it far simpler for clients to add money to existing advised investments in order to reach their financial goals.
For advisers, this new service can strengthen their client value proposition and keep them actively engaged with those clients who may not need additional advice and/or those who prefer the ease of ‘saving on demand’.
Daniel Harrison, Managing Partner of True Potential Investments, said: “Simply adding to an existing investment should be made as easy as possible – we see ImpulseSave® as the antithesis to the impulse borrowing and payday loans culture. If a client wants to add £10, £20 or £50 to their portfolio, they should be able to do that very easily.
“It will put investors more in control of their financial future while still maintaining the relationship with their adviser. Through this new service that their adviser can now offer, they are able to top-up their portfolio whenever and wherever they choose.
“We believe that what people want throughout their lives is a mixture of advice and service, and for some financial products, especially the new breed of platform-based products, they should be encouraged by the adviser to increase their holdings whenever they are able to, starting with what they can afford and topping it up when they are able.
“The ability for an advised client to top up their existing plans, when they feel like it, whilst ensuring the adviser is rewarded for their previous and ongoing service is at the heart of our ImpulseSave® feature.
“It revolutionises the servicing model, and allows many more clients to have the clear benefit of an adviser relationship over the long term – the adviser helps them set goals and recommends the best way to achieve them, and can stay with them throughout the life of that goal, without having to always see them face to face for small increases. Goals are won and lost based on small but early inputs of money.
“This will be a great way for advisers to add value to the service that they are offering, breaking down barriers between clients and their existing investments. Clients should not be made to jump through hoops to top up their investments. Instead, we need to make the process as simple as possible so that people are encouraged to save more, and this is exactly what ImpulseSave® does.”
Harrison said the feature would help advisers tackle existing industry challenges around client charging.
“The industry faces an issue with regards to how it justifies ongoing charging, especially in relation to clients’ funds. The provision of client websites, which are highly valued services, go some way to solve this problem,” he added.
“Our client websites are a useful way for investors to manage and review the performance of their investments and engage with their adviser when they need additional support and advice. ImpulseSave® is an elegant solution that allows investors to take control of their finances and supports our ethos of ‘goal-driven’ saving. Clients can top up their investments in an instant so they stay on track to meet pre-determined savings goals or even reach their goals sooner than expected.”