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SimplyBiz launches referral service for unprofitable clients

SimplyBiz launches referral service for unprofitable clients

SimplyBiz has launched a referral service allowing advisers to pass their unprofitable clients on while making sure they continue to have access to advice.

The service is part of SimplyBiz's SimplyRefer service, which allows advisers to refer clients to other businesses for areas they do not or cannot operate in.

The latest service is being offered through a partnership with advice firm Onvestor.

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Michael Basi, the founder of Onvestor, said: "We're confident Onvestor can provide an invaluable, complementary service for SimplyBiz member firms.

"We believe we can provide firms with a compelling solution that transforms regulatory risk into a commercial return and simultaneously makes sound strategic and operational sense, while at the same time being very excited about launching a customer service that is already proving a real hit with clients - and delivering the sort of outcomes that only personalised financial advice can achieve."

As well as Onvestor, SimplyRefer also offers access to a panel of six defined benefit pension transfer specialists and later life lending, estate planning and protection solutions.

Richard Ardron, marketing director of SimplyBiz, said: "We have been talking to Onvestor for a number of months now and we are confident that they have an ideal solution for advisers who want to refer on clients that they don’t feel able to continue to support.

"The vast majority of firms to whom we have spoken do not necessarily want to turn clients away, but are keen to explore solutions that can help with efficiencies.

"The service from Onvestor enables advisers to pass on unprofitable clients safe in the knowledge that those clients will continue to receive appropriate advice and provides the referring adviser with an ongoing revenue stream."

Onvestor was founded in 2012 to work with advisers across the UK to acquire their unprofitable clients and provide them with an advice service as part of a revenue share agreement.

damian.fantato@ft.com