Proficio

I. For qualified and regulated advisers with limited EU exposure

Who is it most appropriate for: Individuals who do not have their own agencies in Europe and have only a few clients

An OpesFidelio Limited Network Member (LNM)

When International Adviser asked us to write something about what UK and US advisers need for their business model, we knew it was Proficio! Proficio is designed for LNMs with funds under OpesFidelio management less than £2,000,000, or less than 8 clients. It is what UK and US qualified advisers with a few clients in the EU (Europe) have been asking for.

NOTE: If you are doing business outside the EEA then Particeps will be a better network level for you. Select here.


Buy-in

You will need to pay an upfront fee per person (fees plus VAT) to join the network, which will be used to pay for joining costs and an induction meeting. This fee is not refundable. We also organise further optional meetings, in the EU, for you to attend.

There is an on-going monthly payment required of £300 + VAT, and you must meet our stated Qualification Level, assessed annually.

OpesFidelio offers

  • £300 monthly fee per member (plus VAT) - ideal for a non-EU adviser who has a few EU based clients (or several advisers working together under one umbrella with a few clients each)
  • Trove - our digital online assistant is available for adviser, administration and client log-in. Designed to make your life easier.
  • Network fees are inclusive of standard regulatory costs (where agreed at outset) excluding MiFID Warranty fund (Currently 2-3%, Subject to review and regulatory change, e.g. FSCS)
  • Return to UK service for clients returning to the UK
  • Specialist pension advice and access to UK advisers who will be able to assist all members (G60 signature).
  • Specialist USA advice and access to US advisers who will be able to assist all members (SEC registered and US platforms).
  • 100% commissions on life business and direct client fees are retained by you minus unavoidable direct charges (e.g. bank costs)
  • 97% fees on investment business (MiFID) are retained by you minus unavoidable direct charges (e.g. regulatory costs)
  • Previous business written before joining remains 100% your business and in your name
  • Commission tracking is not provided and remains your responsibility with commissions paid once monthly per currency (minimum values apply) and any bank / transfer fees are yours
  • Your relationship with local representatives of providers is encouraged, but you are unable to represent your views or requests as though they are those of the network
  • Investments utilised have to be linked to The Network recommendation and cannot be adviser's own

Compliance requirements

  • Professional Indemnity (PI) cover is provided for regulated products linked to the network only, but is not provided for advice conducted in the Guest State of the AR where dedicated PI must be obtained
  • PI excess will be due on complaints
  • Compliance & virtual assistance is available through Trove with one compliance visit per year
  • Suitability letters must be provided within 14 days of any business in order to have compliance and PI support
  • Technical support is available for an extra charge linked to requirements
  • Stationery and websites are your own but any use of our regulated statements must be pre-approved
  • No advertising may be conducted in the name of OpesFidelio at any time

Regular savings plans and Indemnified earnings

You will have your own agencies set-up with providers in your / your company's name and be paid directly. OpesFidelio will not accept any indemnified business and offers only explicit charged contracts.

Leads

Any marketing budget is at the networks discretion.

Qualification Level

Minimum qualification in financial services required, and references will be required from 2 professional connections. The group, collectively and individually, will not have any pending or existing criminal convictions, nor any clawbacks outstanding and not be subject to any “actions” from life companies or financial firms, or be cited by any action group for mis-selling.

The location of the NM will dictate the regulatory requirements in that location, and the NM is wholly responsible for ensuring that they operate within their local regulators rules and notify them accordingly and you will be asked to confirm this.

  • Can you advise in the UK and the USA? Not through ourselves, but we are happy to work with other authorised firms where you meet their minimum requirements
  • No minimum earnings (commission or fees) and no minimum capital adequacy
  • OpesFidelio Wealth Management service is provided quarterly to all your clients at a charge by the network - you would agree a split with us at outset based on our own minimum earnings model
  • CPD & T&C are supported within the network outside of the UK and the USA. In the UK or USA an additional charge will apply
  • Your clients are hosted under our agencies but you can transfer them away from the network
  • MiFID investment advice requires recognised and current Level 4 quaifications or an EU investment qualification
  • Exiting the network is possible at any time with 3 months notice but the full initial upfront payment will be retained. Client earnings from the date you leave will be retained until transferred to another regualted agency.

Join the network as Proficio Member and start earning straight away

PRICE GUARANTEED UNTIL December 2023

NOTE: Can you be all things to all advisers?
This was the question we posed ourselves 3 months ago about our network OpesFidelio./br> Our competitors are innovating, and we wanted to stay ahead. We quickly decided simply matching fees or costs is not our style.
First, we had to identify who our revised target market is. What about new advisers just starting out, or advisers based outside the EU who have just a few clients to service?
Our advisers tell us we have no peer; the fact that we did not take any splits from their client fees, we are “non-prescriptive” for product solutions, asset management or advice as long as it is regulated.
Whilst a key value is transparent fees, our advisers love the fact that we do not dictate what they should sell, nor where investments should be placed – most, if not all, other networks dictate investments. Advisers love that we insist that they are level 4 qualified as they have confidence in the quality of fellow advisers.
So, considering a professional UK or US based adviser who wants to operate legitimately, but has limited exposure to the EU.
What are their options? Would OpesFidelio be the right network for them?
Until last month, the answer was no.
The truth is our standard setup definitely does not suit them. Our competitors, whilst limited in their offering, offer cheap services and lower costs for these individuals.
As a result, last month, OpesFidelio announced to its current network members the conclusion of a long consultation process, after feedback from existing members and potential new joiners. Some individuals were also in consultation with our competitors.
If you ask questions about price – people always want the cheapest. When you ask questions based on value – people want to know what they are going to get for their money.
The two are completely different, and OpesFidelio always focuses on value. OpesFidelio has invested heavily in technology and qualifications. Only recently, we launched our new in-house Intranet, a communication tool for all advisers to utilise.
This is just a steppingstone to regulatory updates, CPD tools, CPD recording and the ability to ask questions of each other and experts to find best solutions in an open environment.
So, what are the two groups where we felt we might be able to add value?
1. Advisers entering the EU market for the first time (including multiple advisers working together), and
2. those US or UK-based advisers who have been seeking a solution to the problem they face of dealing with their handful of EU-resident clientele - and for being able to maintain a meaningful client/adviser relationship, or when a local client decides to reside somewhere in the EU.
For both these groups, we concluded that they needed a reduced service at a reduced price. However, we are not reducing our standards! We expect advisers to hold Level 4 qualifications and to obtain, if they do not already have it, an EU recognised investment qualification.
What are we going to call this service? Proficio (Latin for ‘progress’).
Proficio lowers the monthly fee to just £300 per month for members, whilst advisers still benefit from earning 100% of their own fees, excluding any regulatory or bank direct costs.
Proficio offers a low entry threshold to those advisers with limited EU requirements, where the EU is not their primary or core business, or they are just starting out.
The Proficio membership is most suitable for those qualified and regulated advisers who do not have their own agencies in Europe and have only a few clients.
Proficio comes with the multitude of benefits already enjoyed by the existing fee level of OpesFidelio Assurgo (Latin for ‘rise up’) members, including:
• EU regulation including IDD/ MiFID passporting within the EU
• access to a wide and expanding product range allowing for full and varied client solution
• access to the Aisa International in-house investment service, which is a MiFID-Securities Trader ‘DIM’ (Discretionary Investment Manager)
• state-of-the-art technology, including the award-winning Money-Trove system, the multicurrency, digital onboarding and client CRM system for compliance and processing of new business
• an industry-wide reputation for a thoroughly ethical approach that puts clients first, and prioritises successful client outcomes
We spent 5 years building the most advanced client onboarding CRM tool with multi-currency digital signatures, where products are listed with charges and the ability to produce MiFID or PRIIPs compliant reports, risk assessments and Suitability Letters. Members get this for free, and will soon have an RTF editing tool that will allow them to generate their own white labelled reports. Investment breakdowns and live feeds from providers are due soon.
The time saved using Reg Tech, and tools such as Trove make our advisers lives more productive for business or leisure.
The base criteria for Proficio membership is for those network members with less than £2,000,000 in AUM or less than 8 EU-resident clients. It is only offered to individuals but can be utilised by more than one individual in a firm
“We have designed Proficio to be the most cost-effective solution available in Europe; members will pay the monthly fee of just £300 per month to be able to start their business legally in the EU, or to continue to legitimately service their clients with a full compliance suite and the most advanced technology available in Europe.”


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