Parmenion to introduce tiered adviser charging on platform in response to user demand

May 21, 2024

Adviser platform Parmenion today announces plans to introduce tiered adviser charging on its platform to support evolving business models in advice businesses.

With the latest Investment Trends research reporting that 40% of advisers have or are planning to change their charges, this development will allow Parmenion users to tailor charges to different client segments quickly and easily. In the light of Consumer Duty, it provides valuable support for advice firms who want to actively manage their charging structures to demonstrate the value they provide.

This is just one of many new features Parmenion are introducing this year, as they continue to flex their proprietary technology and agile development to build products and services that really make a difference to advisers, their businesses and their clients.

From late summer this year, Parmenion will enable advisers to:

create different adviser charging structures on the platform, determine the number of tiers and the percentage charge for each tier
link new and existing clients to the correct tiered charging structure and move clients easily between charging structures

Parmenion Head of Retirement and Wealth Planning, Daniel Edwards commented:

“Adviser charging replaced commission as part of the 2012 Retail Distribution Review (RDR). Since then, there has been surprisingly little innovation, with single percentage-style charging still underpinning many advised businesses.

At Parmenion we pride ourselves on listening to advisers and responding to their needs. We are introducing tiered adviser charging in answer to this key ask which we have been hearing from many of the advisers we speak to and is backed up by the latest Langcat research and Investment Trends reports.

“Having the flexibility to shape their own charging structure for different clients should help advice firms to meet their obligations under Consumer Duty and evidence how they are providing value and delivering good client outcomes.”

Advisers interested in learning more about tiered charging options on the Parmenion platform can sign up for their regular platform progress update at The UK’s Best Investment Platform | Parmenion