15 January 2018, London – Financial planning practice Symphony is the first IFA to white-label a new, free, non-advised digital investment management service, designed to engage dormant clients lost to the Retail Distribution Review, while simultaneously enabling IFAs to compete with the growing threat of low cost robo advice.
The plug-and-play white-labelled solution, known as FinchTech, is the first of its kind and developed and managed by TAM Asset Management, a specialist in Discretionary Portfolio Management.
Four mainstream investment portfolios and four socially responsible investment portfolios are available via FinchTech with equity/non-equity weightings ranging from Cautious 35/65 to Adventurous 85/15. The Adventurous mainstream portfolio returned 66.21% over a five-year period. There is no charge for the white-labelled service and FinchTech advises IFAs charge a platform fee of 0.25% to 0.50%.
Ian Walmsley, Director at Symphony says: “We see the world of financial services changing dramatically and we are excited to use FinchTech for the various connections we deal with in the public and private sectors, where new clients of all ages seek financial services direct.”
Lester Petch, FinchTech CEO says: “Following RDR, financial advisers have been forced to consider the position of clients that fall below a particular investment threshold. In a 2016 Association of Professional Financial Advisers report, 69% of surveyed financial advisers said they'd had to turn away potential clients in the last 12 months. These clients either remain unserved or engage with robo advisers with no long-term proven performance. Our white labelled platform can be rolled out in as little as two weeks and helps IFAs re-engage customers who have remained dormant since RDR, while fighting back against robo-creep.”
FinchTech offers white labelled general investment and ISA products and plans to launch a pension product in 2018. All investors benefit from optional participation in the ‘You Give, We Give’ scheme. The initiative provides investors with the opportunity to donate a percentage of their annual profits from their investments, to charities of their choice. FinchTech will donate an equal percentage from its total annual fees.
For more information and/or interview opportunities please contact:
firstname.lastname@example.org +44(0)207 580 6502
FinchTech is a fully digital, direct-to-consumer, non-advised investment solution designed to enable financial advisers to offer services to all clients, with minimal effort. FinchTech Ltd is an appointed representative of TAM Asset Management Ltd who are authorised and regulated by the Financial Conduct Authority No. 208243. Registered in England No. 04077709. Registered Office: City Tower, 40 Basinghall Street, London, EC2V 5DE.
This document on its own should not be taken as an offer, solicitation or recommendation to use or invest in the services and products mentioned. Past performance is not a guide to future returns. Any opinions, expectations and projections within this note are those of TAM Asset Management Ltd and do not constitute investment advice or guaranteed returns. FinchTech Ltd is an appointed representative of TAM Asset Management Ltd who is authorised and regulated by the Financial Conduct Authority No. 208243. Registered office: 10th Floor, City Tower, 40 Basinghall Street, London, EC2V 5DE.
IFA firm Symphony first to white-label FinchTech's new non-advised robo service