Paraplanning firm The Timebank plans to hire more staff as it looks to launch a new service aimed at helping advisers with annual reviews.
The service will see The Timebank’s paraplanners looking into a client’s holdings, finding out how much they have changed over the course of the year and putting together some talking points for when they meet their adviser.
Existing Timebank clients are already able to use this service, but director Damian Davies said he is working on expanding it to new ones.
The service will target advisers struggling with annual reviews, required under the Retail Distribution Review rules imtroduced at the end of 2012.
“The biggest change that happened with RDR is that clients are now paying a fee for a service - most clients are being charged an annual fee and when that happens there needs to be an annual service,” he explained.
“A lot of advisers don’t quite know how to do it and we are building an extension of our services which is all about looking after those clients for the adviser.
“We are not interested in getting involved with the investment process - the adviser creates the strategy and we apply it tactically.”
Mr Davies said the adviser would be the one to meet the client, find out whether their situation has changed and suggest possible strategy revisions.
He said the company is also looking to expand its research division, with a couple of new employees set to be employed in that and the paraplanning side.
“We have grown through doing things quite cautiously, so we don’t want to grow too big too fast, but we have now got the critical mass to do so,” Mr Davies added.
Back in 2013, The Timebank launched a new website, with adviser tools including a research function allowing advisers to demonstrate the reasoning behind their decisions.