P1 Investment Services, operator of the P1 Platform, has launched the P1 Wealth Pilot – an all-in-one client onboarding and servicing portal for advisers and their clients.
The P1 Wealth Pilot was created to tackle the problem of siloed data sitting across multiple adviser systems. The investment firm wants advisers’ own systems to be their source of data truth, rather than myriad third-party companies.
It will sit within advice firms’ own Microsoft environment. Client data will therefore be captured and stored within an adviser’s own systems, allowing them to seamlessly leverage some core Microsoft functionality such as Copilot, its AI tool.
Automated functions can then be set-up such as Outlook email notifications to clients, document sharing with clients directly from a client file in SharePoint, and transcribed meetings through Teams creating meeting notes and actions.
Wealth Pilot streamlines back-office duties and reduces the difficulties in integrating and navigating between technology providers by having all services and adviser tools within a model driven app on Microsoft’s Power Platform.
P1 said Wealth Pilot is “the first of its kind” and aims to allow advisers to concentrate more on advice, rather than administration and to help bolster their client relationships by delivering online user experiences via a range of modules:
- Fact find, objectives, duty of care (vulnerability), and ID upload;
- Risk Profile Questionnaire, to include an Investor Risk profile and a specific Objectives-based risk profile;
- Service Level and Suitability Report acceptance; and
- Cashflow Modelling, Suitability Report Writer and Annual Review Generator (including drawdown reviews).
The portal is a two-way system as clients will have access to the P1 Wealth Pilot through a web-based application called Wealth Portal. They will be given the opportunity to review their information and interact with their data in real time – this includes their client profile, investment risk profile, annual reviews, service level, documents, and plans.
Clients will also be sent automatic email notifications to remind them to update information such as documentation to approve as well as annual reviews to read.
The P1 Wealth Pilot is platform and discretionary fund manager agnostic, covers the complete end-to-end client journey and will initially be available to P1 Platform users.
However, the company said it will soon be available to license as a standard alone piece of technology.
James Priday, CEO of P1 Investment Services (pictured), says: “We wanted to deliver something truly unique to the advice industry with Wealth Pilot, for the first time putting advisers in control of their data. Nearly all advisers use Microsoft, therefore creating and deploying applications on Microsoft’s Power Platform into an advice firms own Microsoft environment makes so much sense to us. It means the data sits with them, and they can start doing amazing things with tools such as Copilot and Power Automate.
“Last year, we successfully created and launched Invest Pilot on the Power Platform, allowing investment manages to create and manage portfolios on the P1 Platform. Wealth Pilot quickly became obvious to us, so we excitedly started to build both the adviser application and the client web-based application.”
