Lifetime Financial Management has launched ‘Lifetime Enhance’, a service aimed at helping independent financial adviser (IFA) firms manage clients they can no longer service.
The platform provides regulated financial advice and planning to lower-portfolio value clients who are offboarded.
Clients will have regular reviews, webinars and access to coaches and advisers through the Lifetime app.
Lifetime will streamline onboarding and communications to keep these clients informed and engaged, and ongoing monitoring aims to reduce client risk.
Adviser firms using Enhance have seen average business valuation rise by over 10% after moving clients who no longer fit their growth plans.
The model also automates reviews and coaching, allowing teams to use more time and resources on higher-value clients, while providing a consistent service to all client segments.
Andy Wealthall, chief operating officer at Lifetime, said: “Enhance has been created to support IFAs with the segmentation of their diverse client bank, to provide a reliable and experienced advice service to offboarded clients they are no longer able to service.
“It is our aim that no client seeking advice will fall through the cracks. We know financial advisers want to bring their expertise to as many people as possible, but with cost pressures weighing heavily on small firms in particular, it can be difficult to dedicate enough resources to all but the highest-value clients.
“Add the pressures of Consumer Duty to this mix and you soon have an even bigger problem.”
Wealthall added: “By using Enhance to streamline their operations and carving out client segments to offboard, advice firms can allocate more of their time and resources to their core clients, while continuing to provide quality service to everyone else.
“This solution gives advisers a scalable path to growth and helps them bring personalised financial guidance to many more advice-seekers, improving the value in their business.”
