What is being said about The Timebank?
2012/10/09
Professional services provider, threesixty, has taken a 25% stake in outsource Paraplanning business The Timebank, to extend its range of services to directly authorised financial advisers and planners.
The stake, which involves threesixty Managing Director Phil Young taking a position on The Timebanks board, is part of threesixtys ongoing development of services to cater for firms operating in a competitive, fee based environment.
threesixty Managing Director, Phil Young, said We are all delighted to be working with Damian and The Timebank team, weve had a number of mutual clients for some years now and the opportunity
to invest in and grow a Paraplanning business in the UK is really exciting. Weve been very supportive of the emerging Paraplanning profession for some time so this is a natural step for us. Harnessing our compliance and technical expertise to The Timebanks planning prowess is a very compelling proposition.
The Timebank Managing Director, Damian Davies, said We were honoured when threesixty approached us with this opportunity and the timing couldnt be better for us. Whilst we have built the business to the current point organically, this relationship gives us the opportunity to speed up our plans and launch some new services to help IFAs capitalise on the current environment.
We are a small business, and we will learn a great deal from welcoming Phil to the Board as he is very experienced and so widely respected in the profession. What is important to us is to innovate, and so we are really looking forward to continuing to improve the delivery of Paraplanning services to our clients. This is one of those relationships that just makes sense, so we couldnt be more excited.
2011/10/25
Timebank Towers, Plough Lane has served us well over the years, but we're quite pleased to announce we've outgrown it! Now in shiny new surroundings we'll be updating our Contact page as soon as possible.
Our new address is:
The Timebank
Middle Granary
Brockhampton
Herefordshire
HR1 4SE
2011/10/19
Watch interviews with some of the UK's leading IFAs to find out why they use our bespoke Paraplanning service
2011/06/16
Fixed Protection and NEST
An interesting point has arisen out of the latest pension schemes newsletter (No.47).
I suggests that those pension scheme members applying for Fixed Protection may find that they quickly lose it, should a future employer auto-enrol them into NEST.
The HMRC newsletter states that if an employer auto-enrols an employee in a new pension scheme under the provisions of Pensions Act 2008, the employee will have one month from the enrolment date to opt out of the new scheme. If they opt out within that one month period then the law treats them as if they were never a member of the pension scheme. So if they are auto-enrolled under the Pensions Act 2008 provisions and opt out within one month they will keep their fixed protection.
Importantly, if they do not opt out in time then they will lose their fixed protection.
If the employer auto-enrols them into their pension scheme and this is not under the Pensions Act 2008 provisions they will lose their fixed protection. This is because they have no legal provision that will treat them as not having been a member of the scheme. They will have started a new pension arrangement and so will have triggered loss of fixed protection.
What action can be taken?
• If they have applied for fixed protection and think that auto-enrolment into a new scheme will mean that they will lose this then they should speak to their employer or prospective employer. They will be able to opt out of membership and their employer will be able to tell them how you can do this.
• If they change employer their new employer may auto-enrol new employees into their pension scheme. If they have fixed protection they may need to 'opt out' of the pension scheme before they have even joined it.
This point clearly shows that great care must be taken for any pension scheme member considering applying for Fixed Protection and subsequently taking up any new form of employment. It will be crucial that they highlight this to HR immediately, so as not to be enrolled as part of normal joining procedures, else the cost may be significant to them.
2010/01/07
Exciting times here at Timebank Towers, we are shortlisted for Paraplanner of the Year and Best Support Service Provider in the Professional Adviser Awards! We're up against some big name competition, especially in the Support Service catagory, so wish us luck. (It's well deserved!) Click the link to see our competition...
2009/11/19
We can't promise to be as entertaining as Stephen Fry but we're sure you'll find our industry commentary and analysis useful!
2009/10/20
Our very own Damain Davies is interviewed by Peter Roper for the Money Talks radio show, discussing the benefits out outsourced paraplanning!
Click the link to stream the mp3
2009/06/03
The Timebank are proud to be founding shareholders in the new service designed to help IFAs and Financial Planners adopt platforms for their legacy assets.
2009/06/02
Institutional heavyweights come together to launch cost efficient legacy asset migration service
Legacy Asset Systems Limited (LAS) was formally launched today to enable fully compliant end-to-end legacy asset migration for financial advisers. LAS brings together a unique combination of skill sets from different firms which together will offer the technology and expertise to provide a largely automated end-to-end process.
Stan Kirk, head of product development, LAS, explains: "By providing a complete client change management process, with joined up support tools and services that turn all of the daily obstacles into stepping stones, we can help IFAs on the journey to becoming New Model Advisers. This can be achieved by transforming their back books of business to conform with their new investment client proposition in a relatively short space of time."
LAS has been established following recognition that there is a significant opportunity for migration of up to £2 trillion of legacy assets held in underperforming and largely inactive, normally equity-based funds into wrap platforms and other contemporary investment solutions. LAS can show that the payback period for advisers using their end-to-end legacy asset migration service will be as little as three months and no more than 12 months.
Transfers have become very big business as advisors seek to modernise their business practices and take advantage of the latest products. Ever since the first wrap launched nine years ago it has been clear that the key to transforming the adviser business model is to engage with a systematic and compliant process for transferring existing clients with a collection of legacy products. This involves a variety of skills and services including processes which scan thousands of old client records to find potentially suitable cases, an accurate 'before and after' cost comparison and skillful explanation in client specific suitability reports. Depending on the circumstances, up to 50% of clients can be suitable for transfer.
The importance of remaining compliant during asset migration activity was highlighted in the FSA's Thematic Review of Pension Switching Advice, published in December 2008. This study found that:
- 16% of all pension transfers reviewed offered unsuitable advice
- 25% of firms failed with more than a third of all their cases
- 79% of cases failed because there was an unjustified extra cost, and in:
- 26% of cases the adviser failed to ascertain if the new product was more expensive.
LAS provides adviser firms with support, advice and systems which enable them to systematically sift all existing clients, using the expertise of the company's founding shareholders. Starting with the institutional data expertise of ITM (Independent Transition Management), LAS will then use Dunstan Thomas' calculation engines to calculate client-specific cost comparisons which will feed into suitability reports designed by specialist Paraplanners, The Timebank. LAS also offers further bespoke outsourced Paraplanning service through The TimeBank for more complex cases saving time and underpinning the compliant process.
The founding shareholders of LAS are:
- Stanley Kirk - technology consultant and wrap specialist
- Andrew Smith - former chief executive of HambroFraserSmith and now Investment Services Director at Succession Advisory Services
- Steven Weiss - former chairman of the Regent Group of Companies, the IFA, Actuarial and Processing systems firm
- Bryan Beeston - founder and director of Millfield and, most recently, managing director of Clients Reunited
- Independent Transition Management (ITM) - the data management and IT consulting firm
- Dunstan Thomas - the pensions administration software provider and calculation engines specialist
- The Timebank -the Bespoke Paraplanning Company
Or Stan Kirk Head of Product Development Tel: 07812 583603
For media enquiries please contact: Miles Clayton Agility PR Tel: 01992 587439 Email: miles@agilitypr.co.uk
