AJ Bell Investcentre has teamed up with adviser software firm Woven Advice to streamline platform switching and bulk migrations for advisers.
Woven’s technology analyses platform and back-office system data, providing platform transfer analysis in easy-to-use dashboards.
Advisers are able to compare platform fees, group clients into eligible cohorts, produce suitability reports, process client communications and open new accounts through Woven’s system.
By eliminating many of the inefficient manual processes that have historically impacted large-scale platform switching, the partnership will make the switching process faster and simpler for advisers, the duo said.
The first bulk migration to AJ Bell Investcentre using Woven’s software is expected to take place in October.
Mark Rendle, advised product director at AJ Bell, said: “We are really pleased to announce our partnership with Woven that will streamline the platform switching and client onboarding process for advisers.
“Advisers shouldn’t need to spend a significant amount of time manually inputting individuals’ data when they decide to switch their client base to a new platform. So, by providing access to Woven’s technology, we’re enabling advisers to better focus on getting the best value for their clients with a lot less of the hassle.”
Rendle said the partnership is testament to its commitment to reducing the administrative burden facing advisers.
“We are confident Woven will drive real efficiencies for advisers through the migration process, saving precious time and removing unnecessary friction that can make it harder for advisers to focus on ensuring good customer outcomes,” he added.
Nicky Sevel, CEO of Woven Advice, said: “Platforms that take Consumer Duty seriously will be measured on how well they enable platform switching, which is why we’re delighted to partner with AJ Bell to help them lead the way.
“Platform switching has long been one of the most stubborn pain points for advisers and clients alike – half of all transfers fail on the first attempt, most often because of poor-quality data – so at Woven, we’re changing that. By working with advisers to improve data integrity, we ensure that when a decision to switch is made, it’s based on the best information – and that the process itself, whether in bulk or individually, is as smooth and transparent as possible.”
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