In conversation with advisers: What outsourcing tools do you use?

In the second video of the series (see above), Flora Maudsley-Barton and Kerry Nelson talk to Julian Marr, Editor of Professional Adviser about what tools they use to outsource, from 'buying-in expert help' to looking for low-cost solutions for small savers and starters.

Flora Maudsley-Barton says: "What we do [at Parsonage Financial] is buy-in consultation, and then we make the decisions ourselves. We can choose funds that offer the simplest solution to start with, for some customers, like starter savers. Often it is a single-fund solution, but for more complex clients, we need a little more grafting of tax allowances, particularly if we have multiple tax wrappers to work with."

Nelson (Nexus Financial) has a different approach to outsourcing for her clients: "What we start with, is the basis for model portfolios for our clients and we look at how they translate initially."

When it comes to reviewing clients' portfolios, Nelson uses a chairman (who oversees an in-house investment committee): "We make the decisions based on reviews and committee meetings and we re-run the figures through proprietary systems. However, we do buy-in that extra help, [so the process] is not all on my shoulders. I like to think, we have the best of both worlds:  bringing in a renown outsourced individual, but at the same time working within the parameters of our business."

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