The deadline may have passed, but the principles of consumer duty resonate deeply at We Complement. Our culture is a testament to the fact that the journey is just as crucial as the destination, with paraplanners playing a pivotal role in ensuring a safe and secure passage. While advisers decide the route, our responsibility is to identify potential foreseeable harm, contributing to a seamless and risk-free client journey.
A Closer Look at Our Impact
Consumer duty isn’t just a checkbox for us; it’s ingrained in every facet of our operations. Here’s a closer look at how the We Complement Client Management Service is making a difference for our partner firms, subtly enhancing their ability to navigate the intricacies of consumer duty.
Client Segmentation: Tailored Experiences
One area where we shine is in helping firms create and refine client segments along with their associated charging approaches. By documenting the services provided and the corresponding value for each charge, we ensure transparency and clarity. Regular testing of the charging model guarantees that time and costs remain accurate. The creation of customer journeys for each client segment is a strategic move, allowing firms to fine-tune the client experience based on their unique needs and expectations.
Back Office Systems: Capturing the Intangible
Our commitment to consumer duty is supported by a dedication to evaluating back-office systems. In light of the FCA’s Financial Lives 2022 survey, which revealed that for 4.9 million adults relying on provider communications, the information failed to assist them in decision-making. Especially affecting those with characteristics of vulnerability. We meticulously ensure that your chosen systems align with Consumer Duty’s requirements, capturing every aspect of the advice dialogue. Partner firms benefit from our expertise in utilising third-party tools and back-office systems, emphasising their seamless integration into client journeys and the significant value they contribute to the advice process.
Client Portal: Elevating Engagement
Surprisingly, many of our partner firms underutilise the client portal within their client base. Aligning with Consumer Duty, we guide firms in using software to effectively monitor communications. By promoting the client portal, we empower firms to establish secure, straightforward engagement channels. We create a scenario in which we seamlessly store a suitability letter in the client record, share it through the portal, and follow up with an automated email that invites the client to digitally sign it with a single click. Our Client Management Service has assisted in transforming this process, making document sharing secure, efficient, and client-friendly.
Prioritising Evidence: A Key Imperative
In the era of Consumer Duty, the capture and documentation of evidence are paramount. We emphasise the need for firms to invest time in this process. Ensuring that critical information is readily accessible when needed. This proactive approach not only aligns with regulatory requirements but also establishes a foundation of trust and transparency.
Your Journey, Our Support
Navigating the intricacies of Consumer Duty may seem daunting however, you don’t have to go it alone. We’re here to help firms actively weave consumer duty into their cultural fabric. Our Client Management Service aims to be your partner in this journey, offering active support and expertise.
If you’re ready to enhance your approach to consumer duty, reach out to us online or call 01472 728 030. Let’s embark on this journey together, ensuring that your systems not only comply with regulations but also elevate the overall adviser and client experience.