7IM has announced an overhaul of its transfer process as part of a multi-year platform transformation programme.

The first phase of the programme introduces an automated transfer process for new pensions and investment transfers, which it said would cut transfer times by up to 25 per cent and reduce the need for manual form-filling.

In addition, 7IM has upgraded how advisers track their transfer progress, with the new functionality now offering real-time updates and greater transparency.

Advisers will be able to monitor transfer progress through the platform, aiming to reduce the need for status-chasing and allow faster, clearer client communication.

The platform is also considering integration tools from providers such as Equisoft to further streamline the process.

These tools will look to reduce manual rekeying, human error, and save time for advisers and their support teams.

7IM said that, since introducing the changes, more than 75 per cent of new transfers were being completed within the businesses’ SLAs, while its platform service desk has seen a 38 per cent fall in calls from advisers relating to transfers.

The wealth management firm’s platform transformation is underpinned by its migration to a cloud-based infrastructure, which 7IM said allowed the business to track and share key metrics.

“We’ve made transfers central to our transformation programme because we know how much it matters to advisers and to clients,” said 7IM managing director, platform and intermediary partnerships, Russell Lancaster.

“We know they often mark the start of the client's journey and their first interaction with us, and we want this to be a brilliant one.

“It’s a huge concern that the current state of play with transfers deters many from wanting to change providers and secure the best outcomes for clients.

“Our job is to ensure we get this right, quickly, clearly and cleanly. With these enhancements that’s the experience we want to give advisers and their clients and that’s what we’re working towards every time.”

---