Quilter Financial Planning has signed a long-term deal with Dynamic Planner to add the cash flow modelling service to Quilter's core technology stack.
The deal sees Dynamic Planner, which claims an “almost 40 per cent” market share in the wealth advice firm sector, sign one of the largest financial planning firms in the country.
Dynamic Planner said the pilot, which has been running for 18 months, suggests a 275 per cent boost in adviser productivity - a theme Quilter has been driving in recent years.
Some advisers had previously chosen to use Dynamic Planner independently, but now the service will be available to all advisers through Quilter.
The long-term partnership is part of a “controlled roll out”, with the initial focus on Quilter Financial Planning’s strategic partners, key accounts and own national business.
The roll out is expected to complete by spring.
Alongside cash flow modelling, Dynamic Planner’s service also includes psychometric risk and sustainability profiling - which helps an adviser match a client to investments based on their risk and sustainability considerations - as well as investment progress reviews and digital client access.
To help with the Financial Conduct Authority’s incoming consumer duty, Dynamic Planner has also tailored its service to help Quilter address target market requirements.
The provider said its service has already made a “significant improvement in productivity”, with feedback indicating advisers can move from servicing 80 clients to over 300 due to spending less time on paperwork.
Under former chief executive Paul Feeney, Quilter repositioned its advice business in 2021 to ‘adviser productivity’.
The FTSE 250 company’s productivity drive has seen advisers leave the business. But in the second half of last year, Feeney said this fall had been "more modest" in 2022 so far and that attrition rates had normalised.
Between June 2021 and June 2022, the number of restricted financial planners employed by Quilter’s affluent segment had fallen by 127, from 1,639 to 1,512.
On Quilter’s latest technology upgrade, Dynamic Planner chief executive Ben Goss said: “We have invested heavily in our one system technology in recent years and look forward to working closely with Quilter as a partner to help power their financial planning process with Dynamic Planner at scale.”
Chief executive at Quilter Financial Planning, Steve Gazard, added that he was “delighted” with the efficiency gains those firms who took part in the pilot have seen.
He said the close relationship between Dynamic Planner and Quilter will allow it to “rapidly deliver” these gains to its wider adviser base.
ruby.hinchliffe@ft.com
