Cofunds has launched its client segmentation and updated fee flexibility functionality as part of the platform's efforts to help prepare advisers for the Retail Distribution Review (RDR).
The changes, said Cofunds, enable advisers to manage their service propositions via the platform as well as complying with Financial Services Authority (FSA) requirements stipulating clients need to be identified as being advised or non-advised.
Its segmentation functionality allows advisers to reflect different levels of service offered and assign appropriate levels of charging. Each segment has an "advised" or "self-directed" advice type, with customised documentation for each, so advisers can record whether a trade has been placed on behalf of an advised client.
The platform does not restrict the number of cleint bank segments or the number of fee models they can have.
Meanwhile to help firms move to a fee-based charging model, advisers can assign multiple fee models to a segment, assign clients to specific fee models online and take one-off advices fees.
They can also charge clients a platform level fee and/or product level fee across all or just one of their accounts.
Coinciding with the launch, Cofunds has developed an ‘RDR Action' pack designed to help advisers transition through RDR and beyond. It includes a user guide on how to segment clients using the platform, segmentation training webinars and online demonstrations.
"We appreciate this is a challenging year so we want to offer our clients as much practical help as we can," said Cofunds sales and marketing director Alastair Conway (pictured). "Launching our client segmentation service well in advance of the end of this year enables firms to prepare early, if they so wish."
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