7IM unveils platform upgrades with changes to advice costs

A 7IM platform update will allow advisers to charge for advice costs by setting up regular contributions from clients.

It is one of the upgrades the platform has made in response to feedback from advisers. 

7IM said this upgrade opens the option of advice to clients who may need support with their pensions but do not necessarily need a full advice service.

The fees can be paid in instalments that coincide with clients’ regular contributions and, to speed up the process, do not require online approval.

Russell Lancaster, director for platform and intermediary partnerships at 7IM, said: "By adding the option for advisers to charge fees for setting up regular contributions, we are enabling them to offer their services to a cohort of clients that may not necessarily need full and comprehensive advice, while at the same time, making it financially viable for them to offer this service."

Other changes include creating portfolio drift reports for advisers who use a discretionary fund manager on the platform.

These flag any possible ‘drift’ between the current fund weighting in an account and the DFM’s original model, enabling advisers to identify where portfolios need to be rebalance when updating clients.

A flexi Isa allowance on client review reports will make it clear for clients what their full Isa allowance is even when they replace money withdrawn in the same tax year, which can sometimes result in clients appearing to use Isa allowances greater than £20,000. 

The Stock Exchange Daily Official List codes for funds will now also be included in client reports for positions and transactions to help advisers identify funds for reporting and to make transfers easier.

Lancaster said: “We have introduced this latest series of enhancements to our platform as part of ongoing commitment to listen and respond to advisers and their clients.

"We continue to put advisers and clients first - standing in their shoes so that we can understand the challenges they face and address them by delivering tangible solutions. We know that we must constantly evolve what we offer in line with our adviser and clients’ needs if we are to realise our ambitious growth plans."

In June, 7IM created a head of platform role as part of a multi-million investment, which is set to be filled by Sam Christopher in September. She will join from Fidelity where she spent more than three years as head of proposition. 

tara.o'connor@ft.com

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