Technology in Finance: Planning for the Future with Pure Wealth

2020 certainly offered its challenges and as an IFA (Independent Financial Advice) practice, we found ourselves needing to adapt to a constantly changing economic environment and nationwide restrictions. To ensure we could offer the very best experience to both our existing clients and new clients, we not only had to review our processes but also the technology that underpins our practice.

How Important is Technology in the IFA Industry?

The impact of technology on financial services, such as financial advice, can’t be understated. At Pure Wealth, we’ve always recognised the value of advanced software and technology in finance. Our investment in these areas formed an important part of a successful 2020 for our company and our clients.

When Pure Wealth was launched in 2019, a key consideration was making sure the systems and processes in place would offer our clients a professional, best-in-class experience.  These foundations we believed were important to the success of the business but became even more crucial with the outbreak of Covid-19 in early 2020.

The technology and systems that power Pure Wealth allowed us to continue to excel as other firms found it increasingly difficult and, in some sad cases, closed down.

So as a Pure Wealth client, what impact can you expect from technology in our service? Keep reading to find out more.

Initial Documents

Following an initial call or virtual meeting, a member of our support team will send you a copy of our initial documents, including terms of business and privacy notice, via email.

These documents can easily be reviewed and electronically signed in a matter of minutes, using your phone or device. Following an electronic signature, both parties receive a completed electronic document for their records.

Getting to Know You: Fact Finding

All new and existing clients receive a link to our comprehensive fact-finding tool.  This is an interactive document that will be used throughout your relationship with Pure Wealth, and can constantly be updated by both client and adviser to reflect your exact financial position.

The fact-finding tool is a huge help when forging long-term relationships, as it means that you do not have to constantly recall information previously offered. As a bonus, the tool is easily accessible from your phone, laptop or tablet.  As the link is encrypted and specific to each client, the need to enter your personal data through emails or in paper documents is minimised, increasing your security.

How Your Investments are Managed

If you are looking to make a new investment or review an existing investment, we will send an electronic risk profile questionnaire.  Typically, this is sent prior to the first meeting with the financial adviser or before an annual review. Like our other documents, the risk profile can easily be completed online.

The answers provided allow the adviser to analyse clients’ general attitude to risk, capacity for loss and experience, which can be discussed in detail during subsequent virtual meetings and calls. Going forward, your Pure wealth adviser then builds a bespoke advice proposition for you, incorporating all of your personal circumstances and objectives.

How Your Recommendation and Annual Reviews are Conducted

Once an adviser has analysed your objectives and requirements, our experienced paraplanners build an electronic recommendation using our in-house software. This recommendation is shared in presentation form, and all this can take place virtually.

It’s important to remember that here that Pure Wealth, our independent financial advisers have access to all products and structures in the marketplace.  This independence should leave you with peace of mind that you have received advice that is unique and specific to your circumstances.

What Happens After You Receive Your Recommendation?

After a recommendation has been made, Pure Wealth advisers summarise the recommendation within a comprehensive suitability report.  This again is generated through our software and emailed to you.  The content of the report is accessible through any electronic means, and to confirm acceptance you simply submit an electronic signature.

Our Digital Wealth Management Platform

As a client, you have access to a unique personal platform, from where you can access all your documents. Access to this platform is given as soon as you sign our initial documents, with a unique encrypted link.

With the use of the client portal, documents can be accessed at any time for information purposes, eliminating the need to dig through your cupboards for relevant historic information.

Future-Proof Financial Advice and Management

Here at Pure Wealth, we offer a streamlined and stress-free client experience. No matter the restrictions in your area, our future-proof service will enable you to manage your assets and access professional advice from the comfort and security of home. If you are looking to review your finances for 2021, don’t wait: contact a member of our experienced team today.

Article By Paul Cox

January 15th, 2021

Paul is the co-founder and Managing Director of Pure Wealth Management.  With over 13 years’ experience, Paul has established himself as a well respected individual within the financial industry. Paul graduated from University in 2005 having studied Business and Human Resource Management.

Paul moved to Cardiff in 2007 to begin his journey in financial services, his first step was working as a pensions administrator with Legal and General. He was then headhunted by LV= in 2012 to create a new telephone-based retirement consultancy team. Here, Paul developed a strong technical knowledge of the retirement landscape, consulting with some of the largest and most successful advisory firms across the country, helping to shape their advise.

Paul is a qualified Independent Financial Advisor and holds a CII level 4 diploma in financial planning. He is a Pension Transfer Specialist, also holding an advanced qualification in Pension Transfers. Paul has worked with many of the industry’s leading financial advise firms, providing final salary pension recommendations.

Paul is happily married with two Sons; Jamie and Joshua. Both keep him on his toes in his spare time! Paul enjoys running, football and reading when Jamie and Joshua permit him to.

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