JPMorgan Invest is to use 1st Software's Adviser Office software product to support part of its services proposiation, says sales and marketing director Jonathan Watts-Lay.
JPMI has been launched in the past few weeks to address workplace advice needs. This will be provided through a fee-based modular business model providing generic financial education to employees.
Another leg of the service will be discretionary asset management, which is where 1st fits in, Watts-Lay says.
JPMI sees significant opportunity from changes to pension legislation, which is why the business has been launched with focus on employees who may be heading for retirement sooner rather than later, Watts-Lay says.
Future services will allow employers to construct focused financial education, for example, for graduate recruits.
JPMI is looking to develop its services because of the generally perceived need to provide more generic financial education within organisations as the market changes. An example is the ongoing switch from defined benefit to defined contribution pension schemes, whereby more choices are created at the personal level, but which in turn requires more knowledge and understanding of those choices on the part of employees, Watts-Lay says.
”As time goes by there will be more and more need to understand at the generic level,” he adds.
Generally speaking JPMI is seeing more interest from larger and medium sized companies of at least a few hundred staff. Flexible HR benefits are an increasing trend, also highlighting interest in financial education, while the tax break offered by HM Treasury means firms are incentivised to provide advice in the workplace.
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