Fintech firm Parmenion has added a feature to its suitability tool which automatically invites investors to review their tolerance for risk and update changes in their circumstances.
Parmenion, which helps power a number of robo-advice offerings, has extended its client review tool, by streamlining the advice process through the use of technology that is designed to be more intuitive.
Previously investors were limited in using the service to review their portfolios, but now any changes to investments can be processed automatically, while others can be set up to require approval from the client’s financial adviser.
Richard Goodall, director of distribution and marketing, said Parmenion wanted to automate one of the most “time-consuming but critical” features of an advisers’ proposition: the client review.
He said the service has a dashboard to manage reviews and client interactions, as well as a “note facility” to create a “full audit trail”.
This comes as the Financial Conduct Authority’s thematic review last year highlighted how varied market standards are in managing ongoing suitability.
Mr Goodall said Parmenion’s latest development is “perfectly positioned” to help advisers and wealth managers develop scaleable operating models to support the growing number of client reviews.
The fintech firm has more than 70 digital propositions and now helps around 900 firms.
katherine.denham@ft.com
