It’s about time…
Everything we do at Sandringham is driven by the belief that time is extremely precious. We are totally focused on helping financial advisers to fully optimise their time in the achievement of business goals, best outcomes for their clients, personal fulfilment and the personal enjoyment that comes from being a professional financial adviser.
We understand that in life we can buy anything we want, with the one exception being time. Central to what we do, is to deliver what we call ‘Sandringham Time’ – a unique experience supported by highly optimised business activities and processes configured to help advisers achieve their goals more efficiently, with less friction and improved profitability. This is achieved by employing the latest future-proofed technology, the most efficient, de-risked investment processes and a wealth management platform, backed by an expert team completely aligned to the success of advisers and their clients.
The requirements for client reviews have ramped up and are posing a major challenge for advice firms. In the post-Mifid world firms need to do a full suitability assessment – fact finding, risk profiling and suitability reporting. Unlike Sandringham, most firms do not have the capacity to do this. This is supported by research undertaken by bespoke paraplanning service, The Timebank, which estimates the cost to advisers of completing just a basic annual review is now running at £750 and ranges from £600 to £1,100 when they asked firms what they believe it now costs. CWC research has the figure even higher at an eye-watering £1,500. The recent Lang Cat report A Disconnected World highlighted adviser firms spending six hours to produce a single client report. What a shocking waste of a firm’s time and resources, to provide a mandated service to clients.
The root of the problem for many advisers is clear and is largely due to the poor state of technology we see in most adviser businesses. Often patchy and incomplete, ensuring the whole process takes much longer as well as being error prone.
Sandringham has invested heavily in the technology needed to ensure data can be provided in a client friendly way. This makes it easier for advisers to present and for the client to understand. A significant investment has already been made in Q4 and we expect to introduce further improvements in 2020.
Our advisers can take comfort from the fact that Sandringham launched early, ahead of MIFID II changes in 2019 and we continue to build and improve. This ensures we avoid the challenges that many of our contemporaries currently face. Our pledge is to continue the journey to increase efficiencies through better use of technology and to deliver what is demanded and what is expected of us by clients, as well as the regulator.
More advisers are choosing to join Sandringham. We’ve been working hard to make the decision to join us an easy one by being a progressively minded company, intent on doing the right things well, with the client at the heart of everything we do.
Click here if you want to learn more about our Annual Review Service and the benefits it will bring to your clients or to speak to us click here.
