Two FAP support service companies have been launched by Cecilia Farrow, founder of cloud software platform Triplejump, together with some of its founding shareholders. The companies are Financial Advice Provider Services and Thrive Advice.
Farrow says meeting financial advisers who attended her business risk training courses gave her the idea to launch the two companies.
“They only had access to manual processes for advice and did not have the resources to build these into technology based solutions,” she says. “Access to ongoing advanced training and marketing strategies to generate new leads were also issues.”
Farrow says advisers in the life insurance sector are looking for partnerships that will give them leverage and differentiation, whether this is supporting their FAP license or the ability to join a FAP license (Thrive Advice says it will hold a FAP).
“This is particularly so for financial advisers who are already, or want to, offer financial advice services to small-medium private businesses and the agribusiness sector.”
Financial Advice Provider Services (FAP Services) has entered into a formal commercial agreement with Triplejump which enables it to provide adviser businesses with access to Triplejump’s Platform, Personal Web App and The Learning Pad – along with all the embedded IP for advice processes in personal and business risk, training, coaching, mentoring, marketing support, and business processes.
Authorised bodies and financial advisers can come under our FAP License and retain their own brand…
“Authorised bodies and financial advisers can come under our FAP License and retain their own brand,” she says. “But [they] will be required to use Triplejump’s systems and meet the required standards for conduct and our standards for the quality of the insurance book they generate.”
Adviser businesses which hold their own license can subscribe to the support model offered by FAP Services and retain their independence to choose what elements of the Triplejump IP they embed into their business.
However, Farrow believes most will adopt all of her company’s services “…as it provides such a comprehensive integrated solution for their whole business”.
…the intention is to build a network of advisers to serve the needs of clients in the high net worth and SME sectors…
“Under both propositions the parties will enter into an agreement whereby the parent company – FAP Services – will provide advisers with the technology, a range of services, and support free of charge in return for being paid fees from insurers on the policies written by advisers.”
The new entities have so far attracted six adviser businesses to sign up. Farrow says the intention is to build a network of advisers to serve the needs of clients in the high net worth and SME sectors.
“Over the next three years we will grow the network nationally so that we can leverage strategic partnerships with organisations that have large numbers of business and agribusiness customers to help create prospects for our network,” says Farrow.
Triplejump will continue to market and white license the platform and training systems to organisations and businesses that want to provide their advisers with business risk advice capability.