The method for which companies provide pricing information for their life assurance products is evolving. Both clients and advisers are demanding transparency, which is making for more informed investment decisions.
Unfortunately, many clients have been left with their old policies, which are (in some cases) not transparent about their cost structures. Private Client Consultancy (PCC) is offering a unique and innovative way for clients to better understand their options when it comes to bonds and investment platforms.
Many firms and IFAs have found it challenging to garner all the information that is necessary to run substantial analyses on whether it would be cost-efficient for a trustee to replace a life bond with another provider. There are so many contributing factors that must be considered before making this kind of switch, like whether the new provider will be able to withstand future audits. Therefore, the advice given by advisers must be proven that it is based on facts and diligent analysis.
Private Client Consultancy is a client-focussed firm. Therefore, it is necessary for our Wealth Managers to confidently provide a first-class service to their clients. We recognise that in order to do this, our advisers must have resources available that will allow them to effectively compare offshore investment bonds and global investment platforms.
This need for an accurate comparison process is why the PCC Wealth System was established. Our bespoke cost analysis system is a support platform that makes our Wealth Managers more efficient whilst also ensuring full compliancy. This system was designed by advisers for advisers. With the invaluable input of our own active Wealth Managers, our team was able to develop a system that solves the issues so many IFAs have faced while working for other firms.
Based on the knowledge of existing life bond charging structures (both old and new), the PCC Wealth System enables our Wealth Managers to calculate precise costs. It provides evidence for whether clients would benefit from either switching providers or remaining with their current company. By providing detailed calculations of the projected returns for both the existing bond and the proposed solution, the system clearly demonstrates which is the best option to proceed with. It also generates a report that will give the client a detailed summary of the cost comparison.
This practice of transparency is something we pride ourselves on at PCC. Not only does it arm clients with more knowledge and autonomy, but with the report, the trustee can have faith that there will be no regulatory scrutiny.
Ultimately, we seek to become the adviser’s first choice when it comes to selecting an IFA network to join. PCC realises that satisfying our advisers is the first step in satisfying our clients. With our dedicated commitment to invest and the continued progression of our internal infrastructure, we are confident that the PCC Wealth Network is providing an unrivaled service.
If you would like to find out more about Private Client Consultancy and our Wealth Network, please visit us at www.pccwealth.com/wealth-network/