7IM has launched an automated transfer process for new transfers that cuts times by up to 25% as part of its multi-year platform transformation programme.
The first phase, aimed at new pensions and investment transfers, reduces the need for manual form-filling and provides advisers with real-time updates and the ability to monitor progress directly through the platform.
It follows feedback from advisers, which highlighted widespread industry frustration with slow and opaque transfer processes. According to The Pensions Regulator, the average time to switch a defined contribution pension is currently 31 days.
Since the changes were introduced, over 75% of new transfers are now completed within the businesses’ service level targets, with some pension cash transfers taking place within three days.
7IM said its platform service desk has also seen a 38% reduction in calls from advisers relating to transfers.
The transformation is underpinned by 7IM’s migration to a cloud-based infrastructure, which allows it to track and share key metrics such as average transfer times, which the firm said will help advisers manage client expectations.
It is now exploring additional integration tools to streamline the process further. These enhancements will reduce manual rekeying, cut down on human error and save time for advisers and their support teams.
Alongside its technology investment, 7IM has strengthened its service proposition by hiring four new platform relationship managers, two service managers, and a new head of platform in the past 12 months.
Russell Lancaster, managing director, platform and intermediary partnerships at 7IM, said: “We’ve made transfers central to our transformation programme because we know how much it matters to advisers and to clients. We know they often mark the start of the client’s journey and their first interaction with us, and we want this to be a brilliant one.
“It’s a huge concern that the current state of play with transfers deters many from wanting to change providers and secure the best outcomes for clients. Our job is to ensure we get this right, quickly, clearly and cleanly. With these enhancements that’s the experience we want to give advisers and their clients and that’s what we’re working towards every time.”
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