The service enables financial advisers to give clients the option to top-up their ISA and Collective Investment Account (CIA) online via Old Mutual Wealth’s secure online Customer Centre.
The service was developed with advisers and will be available to clients if their adviser opts to switch-on the functionality.
Individuals can top-up using a debit payment, internet bank transfer or top-up their ISA using assets already invested in a CIA.
Top-ups will be invested according to the client’s portfolio allocation agreed with their adviser.
Old Mutual Wealth has built this new service in response to demand from financial advisers and customers. Research shows that 43% of consumers want to use a combination of advice and self-service and this is growing rapidly, up from 28% in 2012. The B2B2C service represents an advised process that gives customers and advisers more freedom over how they manage top-ups.
The service was trialled with a selection of firms during the 2014 ISA season. Feedback demonstrates advisers felt it gave them an efficient way to process top-ups for clients that would prefer to complete a top-up transaction without a face-to-face meeting. It also avoids losing clients to an execution only broker if they want to self-serve for part of their investment portfolio.
Old Mutual Wealth UK Managing Director of Distribution Scott Goodsir says:
“Many advisers tell us they want to be able to give clients the option to self-serve for some simple transactions. Following a successful trial, we are pleased to offer this option to advisers and their clients. We understand this will not be appropriate for all clients and that is why we are giving advisers complete control over whether they choose to offer this service.”