Can you be all things to all advisers?
This was the question we posed ourselves 3 months ago about our network OpesFidelio.
Our competitors are innovating, and we want to stay ahead of the pack.
What about new advisers just starting out or advisers, based outside the EU, who have just a few clients to service?
Existing network members tell us we have no peers; whilst a key value is transparent fees, our advisers love the fact that we do not dictate what they should sell or where investments should be placed. Most, if not all, other networks do not give such autonomy. The fact that we insist advisers are level 4 qualified also gives confidence in the quality of fellow network members.
What are the options for a UK or US based adviser, with limited exposure to European licencing, to operate legitimately in the EU? Would OpesFidelio be the right network for them?
Until recently, the answer was no.
In reality our normal terms do not suit them. Our competitors, whilst limited in their offering, offer cheap services and previously lower costs for these individuals.
As a result, OpesFidelio has just announced its conclusion after a long consultation process, considering feedback from existing members and potential new joiners.
As a result, which two groups do we feel that we might be able to add value?
1. Advisers entering the EU market for the first time (including multiple advisers working together).
2. Those US or UK-based advisers who have been seeking a solution to the problem they face of dealing with their handful of EU-resident clientele – to allow them to maintain a meaningful client/adviser relationship, when a local client moves and decides to reside somewhere in the EU.
For both these groups, we concluded that they needed a reduced service at a reduced price, but not a reduced level of standards. We expect advisers to hold Level 4 qualifications and to obtain, if they do not already have it, an EU equivalent or recognised investment qualification.
What are we going to call this service? Proficio (Latin for ‘progress’).
Proficio lowers the monthly fee to just £300 per month for members, whilst advisers still benefit from earning 100% of their own fees, excluding any regulatory or bank direct costs.
Proficio offers a low entry threshold to those advisers with limited EU requirements, where the EU is not their primary or core business, or they are just starting out.
The Proficio membership is most suitable for those qualified and regulated advisers who do not have their own agencies in Europe and have only a few clients.
Proficio comes with the multitude of benefits already enjoyed by the existing fee level of OpesFidelio Assurgo (Latin for ‘rise up’) members, including:
- EU regulation including IDD/ MiFID passporting within the EU
- Access to a wide and expanding product range allowing for full and varied client solution
- Access to the Aisa International in-house investment service, which is a MiFID-Securities Trader ‘DIM’ (Discretionary Investment Manager)
- State-of-the-art technology, including the award-winning Money-Trove system, the multicurrency, digital onboarding and client CRM system for compliance and processing of new business
- An industry-wide reputation for a thoroughly ethical approach that puts clients first, and prioritises successful client outcomes
We spent 5 years building the most advanced multi-currency client onboarding CRM tool with digital signatures, where products are listed with charges and the ability to produce MiFID or PRIIPs compliant reports, risk assessments and Suitability Letters. Members get this for free, and will soon have an RTF editing tool that will allow them to generate their own white labelled reports. Investment breakdowns and live feeds from providers are to follow.
The time saved using Reg Tech, and tools such as Trove make our advisers lives more productive for business or leisure.
The base criteria for Proficio membership is for those network members with less than £2,000,000 in AUM or less than 8 EU-resident clients. It is only offered to individuals but can be utilised by more than one individual in a firm.
“We have designed Proficio to be the most cost-effective solution available in Europe; members will pay the monthly fee of just £300 per month to be able to start their business legally in the EU, or to continue to legitimately service their clients with a full compliance suite and the most advanced technology available in Europe.” says Shane Wood, Recruitment Director.
Further INFORMATION
The OpesFidelio network is managed and operated by Aisa International s.r.o., who are based in and regulated from the Czech Republic.
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