James Cheetham, Director

Bailey Beaumont Financial Solutions

Location
Lincolnshire
Website
www.baileybeaumont.co.uk
Using Parmenion since
March 2008
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About Bailey Beaumont

Established in 2005, Bailey Beaumont is an independent financial advice firm which specialises in the provision of expert financial planning services to medical practitioners across the UK. Bailey Beaumont is dedicated to the prosperity of its clients and maintains a key focus on ensuring that they have access to income and capital throughout all life stages. Its directors have combined industry experience of more than 45 years, enabling the company to provide services across a range of areas from personal and NHS pensions to investments.

Note from James Cheetham, Director, Bailey Beaumont

“Our main challenge was time. Time was spent trying to keep on top of information and operational processes, paperwork and dealing with product providers. This was all at the expense of time spent with clients. On top of that, we had the ongoing pressure of fund selection and making sure investments were consistently suitable for our clients, as well as the ongoing management of portfolios. Not only was this time consuming, but it added an element of risk to the business, which we wanted to remove. By partnering with Parmenion, we have been able to de-risk our business and put the focus on client relationships.”

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

Before choosing Parmenion, our key challenge was keeping abreast of all the information that has to be checked to ensure that we select suitable investments for our clients. With Parmenion as Discretionary Fund Manager (DFM), we have managed to de-risk our business in relation to our investment advice.

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

Parmenion is our primary DFM provider. We work in a specialised market place and tend to use Parmenion for those clients who are in the accumulation phase (income rich and capital poor). We do not use Parmenion for the smaller number of clients we have at retirement age, who are looking to preserve their capital or take an income.

What has been the impact on operational processes?

Our operational processes are now more streamlined so that we can focus our time on our clients, rather than on paperwork and product providers.

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

We have been able to simplify things for our clients. We know that clients don’t want to receive too much paperwork, so the online system they have access to through Parmenion is ideal. The intuitive technology provided by Parmenion makes our lives simpler too – it provides us with just the right amount of information and supports our processes perfectly.

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

The feedback has been very good. Performance is always a consideration for clients and Parmenion is able to demonstrate performance relative to its benchmarks, which makes the client experience very positive. In the past, we have had some administration issues within our business, due to massive expansion and the number of new staff we have recruited. When we deal with Parmenion, someone always deals with the problem and we are not passed around the houses. Having designated people to sort things out for us makes life so much easier.

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

Nothing immediately springs to mind; things just seem to evolve. For example, some years ago, many clients were choosing Intelligent Finance for their cash savings. They liked the fact that they could name their savings jars e.g. “school fund”, “holiday fund” etc. We suggested to Parmenion that this could be a nice feature on valuation reports and now, there it is. Great service!

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

I suppose for the tech-savvy clients, an app would be good. We have a real cross-section of clients: some are active, online users and regularly check their investments, others never look and prefer us to show them a paper report! The ability to respond to client needs and preferences and to provide information that is beneficial to them is important.

How has Parmenion helped you to secure your business objectives?

Parmenion was in the right place at the right time when we were looking to de-risk our investment provision. We made Parmenion aware of any problems we had when sitting with clients and they provided solutions accordingly. Being involved in the early stages of development was very beneficial.

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

The key benefit for the client is that they are able to have a meaningful financial plan, supported by an excellent platform. This delivers both performance in line with expectations and up to date, relevant information about their investments. The benefits for Advisers is the ability to spend more time with clients and less time in the office



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