Platform One Hallmark Savings Plan

Platform One offers what looks to be three core services, each providing access to a wide range of products, funds and services via the platform. 

• The UK service is available to authorised UK and offshore advisers requiring a platform for client assets held in the UK. This means transparent fee-based Retail Distribution Review (RDR) compliant solutions.

• The international service is offshore to the UK, and provides a multi-currency, client agreed fee-charging service. 
  
  There is no initial fund fee, and 100% of any fund annual management charge rebates made by the fund manager are credited to the underlying client’s cash account.

• The global service is also offshore to the UK, and offers a “traditional” (read “expensively damaging”) commission service, with no explicit adviser charges.

Platform One have recently launched the International Plus Offshore Service operating out of the Isle of Man, for financial advisers and clients from around the world who need to access an open architecture multi-currency platform that offers different types of global assets at a fixed dealing cost.

Platform One state that this traditional model offers a “great deal of flexibility in terms of the fees that advisers are able to take – front load commission on the purchase of collectives is available in addition to a client agreed annual service fee.”  They go on to state that: ”Moreover rebates/trails from funds are paid to your commission account as opposed to being credited to the clients cash account.”

Platform One is regulated by the FCA, and in 2016 won the Finance Awards Best Global Wrap Platform.

Platform One state that their Hallmark Savings Plan is a secure, innovative regular savings scheme for individuals working internationally, who want to make regular savings personally or through a company group pension scheme.

The savings plan may be denominated in US dollar, GB pound, Hong Kong dollar, Japanese yen, Swedish krona (SEK) or Euro, which is an attractive feature.

In the UK, the Platform One Hallmark Savings Plan provides access to transparent fee-based solutions and investments that are RDR compliant.

For overseas advisers where RDR does not apply, Platform One provides a “traditional” commission-based alternative, and you know our views on that (see above!)