The SimplyBiz Group has put in place a three-month payment holiday for members, as one of seven 'pillars' of support during this period of lockdown.
Described by the company as a 'seven-pillared package of support', the measures are designed to help adviser and broker firms who use SimplyBiz's services.
The package, which is available immediately, offers supports in seven key areas: managing cashflow, servicing clients remotely, accessing financial support, diversifying revenue streams, learning, staying informed and maintaining mental wellbeing.
The scheme, which was announced in an email to the group’s 3,700-plus members on April 2, comprises:
- A three month ‘payment holiday’
- Free access to software allowing advisers and brokers to service clients remotely
- Guidance on how to access the financial support available from the government
- Support with diversification into alternative business areas in order to maintain cash flow
- A virtual learning centre, offering training and structured CPD events through a digital channel
- Regular news and updates on the coronavirus pandemic and both its effect on the industry and potential implications for clients
- Access to a workplace mental health support app, including a new module on issues specifically linked to isolation and working from home.
Matt Timmins, joint chief executive of The SimplyBiz Group, said: “We have put considerable work, thought and investment into building this additional support package, which addresses the biggest issues affecting advisers and brokers during the coronavirus crisis.
"Time and time again, the benefits to consumers of using a financial services professional have been demonstrated, and we believe the ongoing health of the adviser community and the ongoing health of the economy are intrinsically entwined."
He acknowledged that advisers spent their working lives "finding ways to protect the financial wellbeing and lifestyle of consumers and clients", but that, in these extraordinary and challenging times, advisers themselves also need protection and additional support..
Mr Timmins added: "It is impossible to accurately predict how long this crisis will last, and exactly what the ramifications will be in the long-term.
"However, among all of this uncertainty, we want advisers and brokers to know that The SimplyBiz Group is in their corner and we will be there to support them through both the good times, and those which are more challenging.”
simoney.kyriakou@ft.com
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