Now forges PMI alliance with specialist consultant
Manchester-based IFA Now has teamed up with a private medical insurance adviser to allow the companies to share clients and improve business, according to director Andrew Morgan.
He said the working partnership with J Osborne Healthcare, a consultancy which specialises in arranging PMI for companies and individuals, was a perfect match and the move was finalised after six months of preparation.
Mr Morgan explained that J Osborne was effectively a PMI version of Now and that the similarities meant the partnership would add value to the services its advisers can offer clients.
He said: “We had a number of meetings, tested things out and moved to next level. There is a good synergy between both the businesses.
“We cover PMI but have never done it as a core offering, so with Now focusing on retirement planning and investment management and J Osborne doing specialist PMI, this partnership is a perfect fit in that we can add value to each other’s clients.”
Mr Morgan has started informing clients about the partnership and will eventually “cherry-pick” clients who could benefit from the PMI service. J Osborne will do the same with its clients.
He said: “It gives us an introduction to the firms’ clients. It has more than 200 small businesses which its staff look after already so it could be a really good working relationship.”
Mr Morgan also pointed out that PMI was becoming more popular, given that the National Health Service was under strain.
He said: “After pensions, PMI is the second most desirable staff benefit so we are honing in on that as our clients are a mix of employers and individuals. We will run this for six months and see how it works. It could develop into something very good.”
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