Midwinter, Dover forge tech partnership

24-Sep-2015

By Elizabeth Somerville

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Dover Financial Advisers has struck a deal with software provider Midwinter Financial Services that will see the group offer a competitive pricing package on its flagship product, AdviceOS, to Dover’s growing adviser base.

Dover, which currently has 237 advisers across 131 practices nationwide, was product agnostic and already had a strong relationship with Midwinter prior to the recent deal, Dover adviser manager Peter Thompson told financialobserver.

“In the past we’ve always had some favourable pricing with Midwinter, but with centralised billing we’ve been able to pass on an even greater pricing point,” Thompson said.

Further, under the deal, Dover’s advisers who chose to take up AdviceOS would receive a greater pricing advantage with regard to getting templates and support from Midwinter, he said, adding it was likely the number of Dover advisers using AdviceOS would increase as a result.

“In the future we’ll see a greater benefit as well, like statement of advice templates and fact finders,” he said.

“Having it all centralised from one location means that rather than advisers asking for their own individual templates to be implemented, they can get them from a central location with everyone getting the same thing.”

Midwinter managing director Julian Plummer said: “We’re delighted that Midwinter has had the opportunity to upscale our service to Dover advisers around the country, and we understand that there has been pleasing and positive feedback from advisers and head office off the back of our new service offering.”

In addition, Dover had recently experienced a “snowball effect” in adviser growth, which had been spurred on by word-of-mouth, Thompson said.

As a result, the group was now aiming to have 250 advisers in its ranks by the end of the year and around 300 advisers by mid-next year, he said.

“We’re looking for advisers who truly have clients’ best interests at heart,” he said.

“We don’t have a funds under advice mentality and charge a flat fee for our advisers, so it doesn’t matter if an adviser is somewhat passive or super active, we treat them the same.”

That had resulted in the group attracting advisers from institutions and accounting backgrounds, as well as those who were also new to the industry, he said.

“We offer the ability of a practice looking to ‘start from scratch’, maybe an adviser leaving a financial planning firm who can’t’ take any clients, or one in an accounting firm who has not [previously] given a financial planning offering,” he said.

“We’ve found a lot of advisers gravitate to us as they can dip their toe in the water without having to commit to a long-term contract like a lock-in of 12 months.”

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