Finding a platform that enables advisors to improve client service is an important first
For Canadian advisors who have taken the plunge and taken their business independent, finding a platform that enables them to improve client service was an important first step. Going independent can create plenty of challenges and advisors need all the support they can get. In response to this growing need, portfolio manager Provisus Wealth Management has launched Transcend; a new investment platform that helps advisors spread their workload so they can focus on client service, financial planning and tax assistance.
“We can help advisors transition from their existing business structure and focus on financial planning as opposed to compliance, administration or trading,” says Christopher Ambridge, President, Transcend. “It is outsourcing the portfolio management to focus on additional planning services and client retention.”
An offshoot of the Transcend Separately Managed Accounts Program – which was a hit with many advisors across Canada – the Transcend platform supplements its multi-manager structure with the revolutionary Pay-for-PerformanceTM model within its equity pooled fund suite. In the current environment of increased scrutiny around fees, performance and transparency, Ambridge believes Transcend could be a real game changer for Canadian advisors.
“With the advent of CRM2 and more of an onus on cost and performance, we need to put our money where our mouth is,” he says. “We only succeed when our clients succeed. Ask any other money manager out there if they are willing to issue the same edict – I don’t think you’ll find many.”
Under the Pay-for-PerformanceTM model on the Transcend platform, investors are charged 25 basis points to cover the administration, trading and legal requirements costs. “For us to earn money, what we have to do is drive value-adding performance, or beat the benchmark that we’ve assigned,” says Ambridge. “Every fund has an pre-set industry standard benchmark and what we will do is – clients in these funds get the performance they get up to the benchmark with, so no further fees will be charged. But once we outperform the benchmark, we will take a 20% performance fee on the value add that we deliver.”
As well as helping advisors cut costs, Transcend has been created to focus on delivering the human touch on a fair, case-by-case basis. Lower net worth clients will be provided the same level of service as higher net worth investors. “There is always a portfolio manager available to clients on the phone to discuss goals and aspirations, risk tolerance, profile, and produce for them a customized investment policy statement for that client and their money types,” Ambridge says. “It’s exactly the same functionality, service and support that we give to our much wealthier clients so they’re taking that high-net worth solution and giving it to everybody.”
Read about an advisor’s story here.
“We can help advisors transition from their existing business structure and focus on financial planning as opposed to compliance, administration or trading,” says Christopher Ambridge, President, Transcend. “It is outsourcing the portfolio management to focus on additional planning services and client retention.”
An offshoot of the Transcend Separately Managed Accounts Program – which was a hit with many advisors across Canada – the Transcend platform supplements its multi-manager structure with the revolutionary Pay-for-PerformanceTM model within its equity pooled fund suite. In the current environment of increased scrutiny around fees, performance and transparency, Ambridge believes Transcend could be a real game changer for Canadian advisors.
“With the advent of CRM2 and more of an onus on cost and performance, we need to put our money where our mouth is,” he says. “We only succeed when our clients succeed. Ask any other money manager out there if they are willing to issue the same edict – I don’t think you’ll find many.”
Under the Pay-for-PerformanceTM model on the Transcend platform, investors are charged 25 basis points to cover the administration, trading and legal requirements costs. “For us to earn money, what we have to do is drive value-adding performance, or beat the benchmark that we’ve assigned,” says Ambridge. “Every fund has an pre-set industry standard benchmark and what we will do is – clients in these funds get the performance they get up to the benchmark with, so no further fees will be charged. But once we outperform the benchmark, we will take a 20% performance fee on the value add that we deliver.”
As well as helping advisors cut costs, Transcend has been created to focus on delivering the human touch on a fair, case-by-case basis. Lower net worth clients will be provided the same level of service as higher net worth investors. “There is always a portfolio manager available to clients on the phone to discuss goals and aspirations, risk tolerance, profile, and produce for them a customized investment policy statement for that client and their money types,” Ambridge says. “It’s exactly the same functionality, service and support that we give to our much wealthier clients so they’re taking that high-net worth solution and giving it to everybody.”
Read about an advisor’s story here.
