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Timebank offer annual review service for IFAs

Timebank offer annual review service for IFAs

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.

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The service will target advisers struggling with annual reviews, required under the Retail Distribution Review rules introduced 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.

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.

Adviser view

Chris Foster, a financial adviser with Oldham-based Pennines IFA, said: “It is not something I would use, but in principle it sounds like a good idea.

“I know RDR [Retail Distribution Review] has forced a section of advisers to realise they have got to deliver something every year, which is a different way of working, and it may be cheaper to buy it in than to set up new systems yourself.”