Aaron Richardson, Head of eBusiness

The Premier Partnership Ltd

Location
Staffordshire
Website
www.premierpartnership.co.uk
Using Parmenion since
March 2014
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About The Premier Partnership Ltd

Founded by Nigel Herrick in 1991, The Premier Partnership Limited (Premier Partnership) provides impartial and honest financial advice to individual and corporate clients; incorporating investment and taxation advice with pension and estate planning. Its aim is to assist its clients with all aspects of financial planning, whilst providing clear and sound advice supported by a transparent charging structure. Premier Partnership is proud of its independence and the level of client referrals it receives, which is indicative of how much its clients appreciate the quality of service provided.

Note from Aaron Richardson, Premier Partnership

“We chose Parmenion when we were looking to streamline our investment management process. We have benefited from cost and time saving which means we can run our business more efficiently and profitably. Parmenion is part of our main proposition and one of our preferred solutions. Our clients are impressed by the process, and the online functionality and client portal are excellent.”

What business challenges were you facing when you considered Parmenion as a partner?

We wanted a smoother investment management process, including the ease of processing applications from start to finish. With Parmenion, business is easier to conduct and it is technology driven which fits the way we do business.

How has Parmenion supported the development of your business?

Parmenion listens; if there is something we need to do, we make the case to Parmenion and if they agree, they do it. They are very open to feedback and suggestions. We have our own app and clients click on the Parmenion logo, log in and go through to their valuations. It works really well. It is also the speed, efficiency and ease of transactions that makes a difference. Investment Management Reports (IMRs) and transfer forms are pre-populated; they just need to be signed and put into an envelope. We don’t even need to do a cover letter, Parmenion does it for us. It’s the little things that often take the time. Parmenion makes it all easier.

What has been the impact on your operational processes?

Processing business with Parmenion is more profitable and efficient. Our operational costs are much lower, there is less paperwork and therefore less time is spent on administration. We recently had a client who was due to leave the country in 30 minutes. The client wanted an investment processed via email prior to leaving. We emailed the application and IMR to the client, which they then signed and returned, along with a cheque. Everything was concluded within 30 minutes. We could have lost that business but we didn’t. There are many advantages.

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

Parmenion is our preferred provider. We like the consistent risk-rated approach of the investment solutions and the fact that we can confidently mix and match portfolios. With Parmenion’s low SIPP and DFM costs, running a portfolio overall is cheaper. A Parmenion solution halves the cost to a client in drawdown phase.

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

Brilliant. Parmenion was a new name amongst our clients a year ago. We are finding that clients who had put a little with Parmenion are now investing more. They have liked the process they have followed and the performance of their portfolios. Their experience has meant that they now want to move the remainder of their investments over. Parmenion’s online functionality and client portal is very good and has won business for us. It is easy to transact business, not too manual, and it can be done with such ease and so little paperwork. Platforms make mistakes, they put too much in the hand of Advisers. Parmenion has the right balance.

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

The main thing is Interact, Parmenion’s online simplified advice service. We have provided our feedback to Parmenion and we would like to see active funds on Interact. We currently have an execution-only service which hand holds clients, using a direct platform.

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

The ability to transfer Child Trust Funds to JISAs would be great. In the past, we have just sent an email to Parmenion with our feedback and they always listen. If it’s a good idea, we get a call and often the requested functionality is already there!

How has Parmenion helped you to secure your business objectives?

Easily. The whole team is there supporting us in the background. For example, we had a client with £1m to invest and he wanted a clear idea in pounds and pence of the impact of charges on his portfolio. A member of their DFM team sent an email, using the prior year as an illustration, with all the details as requested.

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

Easy and quick, with the investment solutions we need. We love the Parmenion risk questionnaire: it does it all for you and links through to a nice, clear report. The time we can save is unreal. Reporting is good, especially the IMR and the valuations. Clients can click the report for a full transaction history with performance figures. It is great from start to finish and with the online login, it is the full package. We compare the rest of the market to Parmenion’s service. Parmenion is the benchmark: other platforms can’t compete.



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