IFA support services group Bankhall and Capita Enabler, the independent platform provider, have teamed up to launch a new service for Bankhall members called Portavista.
Developed in response to IFA demand, the retail distribution review and the ‘treating customers fairly’ principle, Portavista will deliver an enhanced compliant sales process for more than 6,000 IFAs.
At launch the platform hub, Webline, can be accessed by using Capita’s IFA desktop system, Quay Client Care Desktop and Bankhall Online.
The proposition involves the strategic involvement of a number of providers including AEGON which will be launching a new pensions product on the platform. Fundsdirect will provide access to a ‘whole of market’ fund supermarket.
A fully independent ‘whole of market’ risk-profiling tool will also be provided as part of the service by actuarial firm Barrie & Hibbert. Linked to this tool, five portfolios will be actively managed by a leading wealth manager. The portfolios will both reduce the burden on the IFA of fund selection and provide clients with a differentiated investment offering, Bankhall says.
In response to the current, volatile markets, an institutional cash fund will be included as part of the service, providing IFAs with an option for their most cautious investors.
Future development will allow further product providers onto the platform and Capita and Bankhall are in discussions with other interested providers. In addition to attracting these providers, development work has commenced with a view to expanding the product range to include other IFA income generating propositions.
Peter Mann, Bankhall chief executive adds: “Portavista represents a unique partnership - a truly innovative solution to meet the huge challenges faced by our industry. Strong capabilities are required to build sustainable and profitable IFA businesses in the present climate. And while Bankhall already lead the industry in many ways, Portavista, a platform designed to support the needs of advisers, both day to day and in the future, will consolidate our place in the market still further."
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