FinTech team-up

Investment management firm Parmenion has developed a new functionality to its online simplified advice service which links it to EQ Investors’ discretionary managed portfolios.

Called Interact, the service, which launched last year, was designed to complement and streamline advisers’ business models.

The latest update, developed in partnership with EQ Investors, powers Simply EQ, the online and telephone-based investment advice service launched in November.

Richard Goodall, partner and head of distribution at Parmenion, said: “We are thrilled with our continued ability to deliver large scale financial technology advances to advisory firms.

“Our capability to enable innovative distributors to access multi-channel delivery is an exciting development, and we enjoyed partnering EQ, whose progressive attitude assisted the development process”.

EQ deputy chief executive Eric Welsby said: “We are delighted to be partnering Parmenion for our Simply EQ service. They were the best fit from a technology perspective, and the successful implementation is testament to the strong relationship that we have developed. Their scalable, cutting-edge technology is an excellent fit for our current and future growth needs.”

Adviser view

Of the new functionality that links Interact with EQ discretionary managed portfolios, Staffordshire-based Spires Independent managing director Lee Clarkson said: “The service now seems like it is one step away from being a robo-adviser. There is the danger of advisers cutting themselves out of the advisory process completely. It would be hard for advisers using online services to justify their fees.”