Northampton-based OCM Wealth Management has teamed up with technology provider Pershing to launch a platform that will be made available to other advisers as part of the firm’s discretionary fund management (DFM) proposition.
Advisers who use OCM’s discretionary service will place assets on the platform, called Platform Plus.
OCM chief executive Jason Stather-Lodge (pictured) said, including Pershing’s platform fee, advisers would pay an overall charge of less than 2% for the DFM offering, which also includes an accountancy service. ‘At OCM we have an accountant, a platform and a fund manager at around 1.7%,’ he said.
Stather-Lodge said the tie-up meant the firm could offer IFAs a service comparable to wealth manager Seven Investment Management.
‘Advisers keep control of their business as a Platform Plus partner. [This partnership] gives them risk profiling and fact-find [tools] and all our intellectual property. We run their clients’ portfolios for them and with them, leaving them free to do [financial planning],’ he said.
‘Advisers can access everything we create, but we are going to manage their assets for them.’
He said he planned to grow the assets of the combined OCM and Platform Plus business to around £2.5 billion, with £2 billion of that coming from Platform Plus, over the next five years.