Developed in response to IFA demand, the retail distribution review being conducted by the FSA and the ‘treating customers fairly’ principle, Portavista, a new trading platform, will deliver an enhanced compliant sales process for IFAs.
A fully independent ‘whole of market’ risk-profiling tool is provided by leading actuarial firm Barrie & Hibbert. And, in addition to a whole of market fund supermarket, a streamlined investment approach has been developed.
Linked to the risk profiling tool, five portfolios will be actively managed by an industry-leading wealth manager. The portfolios will both reduce the burden on the IFA of fund selection and provide clients with a differentiated investment offering. In response to the current, volatile markets, an institutional cash fund is being launched, providing IFAs an option for even the most cautious of investors.
Future development will allow further product providers onto the platform and Capita and Bankhall are in discussions with other providers interested in joining. In addition, development work has commenced with a view to expanding the product range to include other IFA income generating propositions.
The service will bring the full range of Capita’s Enabler technology and Bankhall’s distribution strength to 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’s own system, Bankhall Online.
AEGON will be launching a new pensions product on the platform, and innovators Fundsdirect will provide access to a ‘whole of market’ fund supermarket.
Douglas Jones, head of individual pensions marketing at AEGON said: “We are very pleased to be involved in this important development which benefits advisers and their customers by providing aggregation, links to advisers’ back-office systems and a choice of products and providers".
Graham Coxell, Capita’s business & commercial development director, added: “Bankhall’s decision to select Capita Enabler as its platform of choice and the buy in of some of the most important names in financial services, gives serious weight to our decision to invest in becoming the industry’s first, truly independent infrastructure provider, linking key distributors and providers. It responds to an industry need for a truly independent, multi provider multi-product platform, straight through processing, a single view of client assets, a wide range of integrated financial tools and services and, importantly, the ability to offer customers a versatile, service-based, fee-earning proposition.”
Peter Mann, Bankhall chief executive concluded: “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. “
