Truly Independent’s Investment Platform Vero

VERO is our fully integrated investment platform that targets growth whilst streamlining the investment process. Built by custodians, True Potential, our Wealth Platform is engineered with the future in mind, delivering innovation, choice, control and value.

Have you ever wondered:

  • Why a wealth platform is called a platform?
  • Do we need to use a platform at all?
  • Do the platform’s functions justify the fees to your clients?
  • Is it simply for adviser convenience?
  • Does the platform you use save you time, or even improve your clients intended outcome?

In this article I will aim to answer these questions and will delve a little deeper into Truly Independents platform VERO and the benefits it can bring to both advisers and clients.

What is a platform?

A platform is defined as a standard for the hardware of a computer system, which determines what kinds of software it can run. The question remains though; why do we need one, what are they about, how do they benefit us the advisers, and in particular our clients?

Many financial advisers will recall the term ‘Fund Supermarket’ and how it revolutionised the industry. Prior to fund supermarkets, if you wanted to invest your client’s money in a particular fund you would go direct to the fund manager. If you wanted to invest your client’s money in three different funds you would go to three different fund managers. This process was time consuming, and the administration was heavy. The fund supermarket therefore was a welcome revelation allowing multiple funds in one place. This meant you only needed to go to one place to get access to hundreds or even thousands of funds as you do today. This also allowed advisers to construct with the development of software a portfolio of funds. By varying amounts across a spread of funds they could vary the overall portfolio risk. This is known as asset allocation.

Platforms today

Instead of advisers having to recommend a product from a particular provider they can now recommend a broad spectrum of portfolios across a whole range of assets edging from low risk, low volatility to a low return all the way up to a relatively high volatile investment that was aimed at giving a higher return, and all on a sliding scale of risk in this example from one up to seven. This gave the client and therefore the adviser a far greater choice, however managing them themselves in order to construct the portfolio, to select the funds and to rebalance this on a regular basis would be expensive and requires a lot of administration. The added cost of doing this would be passed on to the client.

Firms in recent years are being squeezed by the regulations more and more, therefore becoming more time consuming and the profitability of firms is being marginalised. We cannot keep passing on those costs and expenses to the client. The best answer to this issue is to provide a different service. More recently managed portfolios that were in control by the adviser are now being offered in a simpler low-cost method by the fund managers themselves. This means you can get a broad spectrum that the IFA was offering without the need of this platform software by simply selecting a portfolio or a selection of portfolios from one managed provider, these are called managed portfolios.

Why do we need our own wealth platform?

Our licenced platform VERO is fully integrated with our back-office system. You simply enter your data into fact find. This then goes through the platform, and right the way through into the managed portfolios. This process ensures you do not have any errors, is simple, and saves you a lot of time. The custodians of both our back office system and VERO is True Potential.

We control the client end charge which is currently 0.35%, and there is no commitment for any adviser to select any kind of funds that we determine. There are portfolios that we have made available, however there are other choices from over 3200 funds and a broad range of managed portfolios from a variety of fund houses. It is a fully independent platform.

The reason we need our own wealth platform is so we can focus more on the client outcomes. As with many platforms you can log-in and get 24-hour access to valuations on your investments. Where we do start to differ from other platforms is that you can set personal goals. If you have an investment of £100,000 with no real goal for it then why not simply aim to double your money in 10 years? This is a sensible and achievable approach to try and bridge the gap and grow your money.

When you log-on to VERO you are therefore not only receiving a valuation, but you are also tracking the performance against your target. You are trying to assess your shortfall. VERO does this for you by providing a graph of the investment performance so far which can be used to show what you need to do to achieve your goal. This is the shortfall. VERO is showing you how short you are of your intended goals. This is where VERO starts to set itself apart from all other platforms. Because of the unique ImpulseSave you can add to that investment to reduce your shortfall in a matter of a few simple clicks.

How do your clients benefit from VERO?

  • View an overall snapshot of their net wealth online or through our app
  • See up-to-date investment performance and check their progress against their goals.
  • Review exactly where their money is invested at any time.
  • Add to their investments with a couple of clicks using our world-first ImpulseSave® technology.
  • See all their bank accounts, savings and credit cards in one place. Track and analyse their spending habits.
  • Send secure, encrypted messages, and share documents with their Truly financial adviser.

How do you benefit from VERO?

  • The ImpulseSave option means clients can add further investment to the platform – plus when they do, 1% is paid to the Truly IFA.
  • As we have already completed any necessary due diligence it provides advisers with a streamlined submission process.
  • The VERO app allows clients to have greater control including being able to see real time valuations of their investments.
  • Moving clients is a smooth process as we can contact clients on your behalf regarding VERO and they then electronically transfer across.

Join Truly Independent and gain access to VERO

If you like the sound of VERO and all the benefits it can bring you, or if you have any questions needing answered book a discovery session by clicking here.