Potential Back End System for Non-Intermediating Financial Planners

The Academy of Life Planning attempts to solve industry-wide issues for Non-Intermediating Financial Planners. Because we are the only Non-Intermediating Financial Planning adviser support network. Here’s an example, your back-office system. As a special deal for AoLP members. Would your clients pay £5 per month for member level access to all their finances, with all the tools, on a system that can be shared with multiple advisers? Let me know your views.

The Issue:

Adviser Workstations, Cash Flow Modellers, and integrations with market participant platforms for instant portfolio valuations across GIAs, ISAs, Pensions, Savings and Deposit balances, the solutions are all adviser led experiences.

What the emerging post GDPR, potential adviser-distributor splitting, etc, market needs is a Customer led experience.

Data exists once. Sits with the client. To share with one adviser after another.

Not as current. Data sits with adviser. Customers are churned from adviser to adviser, platform to platform, with expensive data re-entry every time, and vast numbers of orphaned accounts for the disintermediated.

The Solution:

Envizage has an integration with Moneyhub a key partner of theirs. Their approach is customer led not advisor led. The plan belongs to the customer. The advisor supports the customer not vice versa. Data belongs to the customer not the advisor (GDPR). 

Envizage would be happy to work with AoLP to come up with a price and systems architecture that would work if there can be some minimum adoption numbers within our membership. They are keen on that. Their enterprise pricing model is per end user customer, not per advisor seat.

Have a play with a basic stripped down demo app at app.envizage.me.

Run through a few cases and tell me what you think.

About Envizage:

Envizage is featured in the 2020 WealthTech 100

Envizage is featured in Capgemini’s World Retail Banking Report 2019 (see pp. 10, 14, 22, 34)

Envizage is the only startup to feature in Capgemini’s World Wealth Report 2018 (see p.34)

Our U.K. regulatory white paper discusses how Envizage can deliver both guidance and advice

Read about the Envizage partner ecosystem and the 21 firms in it

Further Info:

Moneyhub is by far the most comprehensive in the UK market. They tried them, Moneyinfo and about 10 other providers before choosing Moneyhub for their first UK integration (they can support others).

They have direct links into all of the platforms, and this covers 80% of UK pension assets. The likes of SJP, HL, II will not support API connects for commercial reasons, so other tech solutions must be used there.

Our view was that Moneyhub are by far the best as of today and subject to the technical constraints of the provider side of the equation.

Please could you give us a price that could work for you, on a “per end-customer per month” basis? 

Over time I’d like to lower pricing as we raise money and gain more members. 

We have been asked to treat India separately. Sorry. If we need the economics for India to be different they understand and would be happy to fit our paradigm. Envizage are quite keen to serve that market. 

Their standard pricing (for large enterprises) is as follows: 

Unique End Users/Month Per User Per Month

0 – 5,000 £5

5,001 – 10,000 £4

10,001 – 50,000 £3

50,001 – 100,000 £2

> 100,000 £1

A “user” refers to the end customer or client, not the advisor. These tiers are cumulative so If you have 7,000 unique users/month you would pay £5 for the first 5,000 (= £25,000) plus £4 for the next 2,000 (= £8,000) for a total bill that month of £33,000 for the 7,000 users (or £4.71 per user). 

If you can work with this table and modify the £ values so that it works for you, that would be great. Envisage would imagine no IFA would have 5,000+ clients but they would think of it for AOLP members as a whole rather than for each individual member.

If the base tier were substantial enough, then they would probably offer to iterate and add functionality (especially the type of stuff that we think is more universally applicable) without extra costs. Typically, they pass through the cloud hosting charges (which can add around £2,000-4,000/month) but they are happy to absorb those to start with. 

They requested that we get to a quick conclusion. They have just started a big piece of work to improve their demo web app (app.envizage.me) and are keen to include our input into their roadmap if possible. It will save them wasted work. That roadmap includes integrations with Moneyhub and Oxford Risk as well, and they can talk to the partner about a sensible commercial offer for AOLP’s benefit. 

Let me know your thoughts. Would your clients pay £5 per month for this?

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