Dominic McLoughney, Director

Becketts Financial Services

Location
Lancashire
Website
www.beckettsfs.co.uk
Using Parmenion since
February 2012
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About Becketts Financial Services

Becketts Financial Services has been operating for the past 20 years offering high quality, honest, ethical advice to individuals, families and businesses. A family run company, Becketts FS, prides itself on delivering value to clients. With a strong and focused investment strategy and access to chartered level tax advice at its fingertips through Becketts Chartered Accountants, it can deliver a fully comprehensive service that enables its clients to make the right decisions about their financial future. In 2013, Becketts FS was shortlisted for the best Tax and Long-Term Savings Adviser at the Money Marketing Awards.

Note from Dominic McLoughney, Director, Becketts Financial Services

“Partnering with Parmenion has meant we can outsource to a DFM yet maintain control of our investment proposition. It gives us the best of both worlds and we have joint oversight of investment decisions. As such, the quality of our investments has been much improved, our client service is better and we have far less administration. The online access portal is easy to use and results in far less paperwork too. All in all, it’s a win-win situation for both our clients and our business.”

What business challenges were you facing when you elected to consider Parmenion as a partner?

We were previously using a number of other platforms and wanted to move from an advisory service to a discretionary service. However, we did not want to lose control of the investment proposition. Parmenion offered a halfway house between the two; outsourcing but with joint oversight of our investment proposition. Other platforms could not offer this.

How has Parmenion supported the development of your business?

Brilliantly. They support the business in terms of research, and the development of the online system has improved our efficiency. Parmenion is attentive with regards to queries and resolving any issues that may arise.

As a supporting firm, what propositional developments would you most like to see from Parmenion?

We would like to see Parmenion continue to evolve its online advice services.

What has been the impact on your operational processes?

Mostly that our clients have reported back to us far more consistently on how they like the structure of the business. Clients like the online access portal and appreciate that investments are managed on a consistent basis behind the scenes. As investments are now managed under a discretionary mandate, clients are pleased to be receiving less paperwork. The letters they used to receive often caused more stress than benefit to them.

How have you adopted Parmenion in relation to other platforms and/or DFM solutions?

Parmenion provides our Centralised Investment Proposition and we review platforms annually with an external platform assessor. We do use other platforms for certain cases but Parmenion forms our core CIP. We review the suitability of the platform to be used in each case. We have a unique structure with Parmenion, which we have tried to replicate with a number of other platforms but found that they were unable to do so.

How have you been able to develop your proposition as a result of partnering with Parmenion?

We have been able to move to a DFM service with no loss of control. Parmenion’s online functionality is far better than other platforms and business is processed efficiently with good accuracy. Recent developments in the system mean that we can work with clients on a more interactive basis, which is something we are increasingly trying to do.

What client feedback have you received in relation to the Parmenion service?

Our clients really enjoy the online function and like the ability to view their portfolios on the internet. More internet-savvy and often younger clients, the ones we are trying to attract, appreciate that things can be done via email. Being able to do business in this way is becoming more and more important for our clients, who are increasingly time constrained and value the flexibility.

What future opportunities do you expect to explore as part of your relationship with Parmenion?

We want to build our assets under management and ideally use the new online advice functionality at some point in the future. We may develop this service for a different type of client. How has

Parmenion helped you to secure your business objectives?

In 2011 we had to go through a highly labourintensive process just to create the solution we now have. Through Parmenion, we have improved the quality of investment whilst reducing the level of administration. Costs are broadly similar. It’s a win-win situation for our clients and the business.

How would you summarise the benefits of delivering an investment proposition powered by Parmenion?

It’s a breath of fresh air. Parmenion continues to improve its services and technology and constantly listens to Adviser’s needs.



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