It would be interesting to know how many of those filing boxes from WH Smith and Ryman with sections marked ‘banking’, ‘insurance’, ‘investments’ and ‘income tax’ are lurking in homes across the country, not to mention share certificates and insurance policies in bank security boxes – and to know how many people regularly spend hours checking what they have, before finding the latest share and unit prices in the newspaper or online to calculate what their financial assets amount to.
Fast forward from the last century to 2013 and welcome to the successor to the personal filing box, a successor that does everything the box could do and a whole load more. Welcome to the platform. This form of online service offers the benefits of holding all your assets in one place, the means to manage your wealth and the ability to obtain rapid valuations, whilst still gaining the wisdom of your trusted financial adviser.
Briefly defined, a platform is a responsive online service designed to enable financial advisers to manage clients’ investment portfolios, aggregating figures from various sources to create a combined picture of the client’s investment holdings. The platform can be used as a means of selecting, purchasing and selling investments from a wide range of providers and then monitoring performance of the portfolio.
The platform is versatile
Platforms have become very flexible and versatile systems since first devised. They can embrace stock market investments, life insurance policies, unit trusts and other collective investments, including those held in tax-sheltered form such as Individual Savings Accounts and Self Invested Personal Pensions. A platform can even hold investments from forgotten sections of the filing box marked ‘TESSA’ and ‘PEP’. It is a good opportunity for a review of old assets to see if they need updating and indeed whether or not they match your current risk profile and investment aims.
The platform’s capabilities can be readily applied to the assessment of longstanding investments. It can deploy smart analytical tools to identify a client’s attitude to risk and assist with appropriate allocation of assets between the various classes such as UK equities, commercial property and gilts, taking account of existing holdings. There are other ways in which it can help with the structuring of investment portfolios, allowing access to a range of investment funds.
Talk to your adviser about the ways a platform can provide easy-to-view assessments of investment performance and your current net worth, in addition to flagging up important financial deadlines or policy renewal dates.
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