The technology that runs investment platforms has advanced dramatically over the last couple of decades. But many household-name investment companies have been unable to keep up. Legacy issues that require cumbersome paper processes have created administrative headaches that are costly to fix and difficult to explain to clients.
We have built our platform from scratch unencumbered by outdated, clunky technology that costs a fortune to maintain.
We are better able to make meaningful enhancements, integrate with other important technology systems quickly through open APIs, and provide advice firms the ability to white label the platform in their own brand.
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NextWealth Digital Process Champion
In 2021 the P1 Platform was awarded NextWealth’s Digital Process Champion badge. This award is in recognition that fewer than 10% of our processes are paper-based.
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Paperless Case Study: Corrival
Corrival Capital Management was set up in 2019 by Nick Skelhorn, an investment director and regional head with over 25 years of industry experience creating investment solutions for professional and personal clients.
Nick built his career and experience in large, well-known national investment firms. At the same time, he developed strong relationships with his client base. Owning and managing the relationships that he’d spent years cultivating was a driving force behind Corrival. Crucially he also wanted to return to managing investments not managing an office.
New companies need the right foundations
A paperless platform allows you to focus on your business
Setting up a business as a self-employed investment manager requires consideration and a few key elements to be in place for it to work. A critical requirement for Corrival was that any software or support had to allow Nick to focus on the core business, managing clients’ investments. Three factors came to light:
- Paperless; if you’re going to be managing your clients’ investments, their onboarding, transfers and accompanying administration, a paperless, efficient and easy to use system is vital.
- Price; core to Nick and Corrival was providing traditional investment management with real value for money. Price is fundamental to Corrival and P1, being paperless, allows it to drive the price down, facilitating Corrival to build the business they wanted without adding to their or their clients’ costs.
- Partnership; anyone starting a new venture needs support. Corrival needed a partner who would provide quick, efficient help. P1 have fulfilled this role every step of the way.
Paperless combined with Price
Corrival adopted the P1 Platform as its investment solution. The paperless ease of onboarding and managing clients means that Corrival avoided added layers of cost like outsourced admin, ongoing CRM subscriptions, or the hidden cost of using Nick’s time for admin. This, combined with the price of the platform, facilitated Corrival passing on savings, making their service genuine value for money.
Corrival operates as a trading style of P1 Investment Management. It falls under the regulatory umbrella of P1, allowing Nick to leverage P1’s compliance and support functions and affording him freedom to grow his business under his own brand. The partnership also means that Nick joins and contributes to the P1 Investment Committee Meetings, allowing synergies whereby each party benefits from each other’s experience and knowledge.
How it has worked
Since Corrival partnered with P1 Investment Management, the essential foundations have been laid and the business has gone from strength to strength, seeing growth in both direct private clients and financial adviser distribution.
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“As an investment manager who provides services to clients and financial advisers, adopting the P1 Platform and its paperless systems have enabled us to significantly reduce the cost of taking-on and managing clients, mainly due to its digital client onboarding and reporting capabilities. Unusually for this industry, instead of pocketing the difference for ourselves, we took the decision to pass these cost-savings on to our clients by reducing and capping our management fees. We’ve found the platform is well designed, providing an intuitive on-the-go experience for professionals like myself, and, importantly, my clients. The support from the P1 team has been great at every step.”