7IM launches automated transfer process for new transfers, cutting times by up to 25% and reducing adviser admin as part of its multi-year platform transformation programme.
7IM has announced a significant revamp of its transfer process, signalling a key step forward in its ongoing investment into its proprietary platform. The overhaul forms part of a broader multi-year, multi-million-pound strategy to elevate adviser and client experiences and support its growth as a leading vertically integrated wealth management firm.
This latest development sees the introduction of automation for new investment and pension transfers, streamlining operations by removing the need for manual paperwork. The upgrade is expected to cut transfer times by up to 25%, directly addressing adviser concerns around delays and lack of transparency in the existing process.
This initiative was driven by adviser insights that called out the inefficiencies within industry transfer systems. According to The Pensions Regulator, the average time to switch a defined contribution pension is currently 31 days. The new solution is designed to improve that experience as 7IM continues to modernise its platform offering.
To complement the automation, 7IM has significantly upgraded how advisers can track transfer progress, with the new functionality now offering real-time updates and greater transparency. Advisers can monitor transfer progress directly through the platform, reducing the need for status-chasing and enabling faster, clearer client communication.
The platform is now exploring further integration tools – including those from providers such as Equisoft (formerly known as Altus) – to streamline the process further. These enhancements will reduce manual rekeying, cut down on human error, and save even more time for advisers and their support teams.
Since introducing these enhancements, over 75% of new transfers are now completed within the businesses’ SLAs, with some pension cash transfers taking place within three days. Similarly, 7IM’s platform service desk has also seen a 38% reduction in calls from advisers relating to transfers indicating they’re able to access the updates and information they need instantly from the platform’s new reporting functionality.
This transformation is underpinned by 7IM’s migration to a cloud-based infrastructure, enabling a more scalable and resilient platform. This shift allows the business to track and share key metrics – such as average transfer times – helping advisers manage client expectations and enabling 7IM to make smarter, data-led decisions about where to focus resources.
Alongside its technology investment, 7IM has strengthened its service proposition by hiring four new platform relationship managers, two service managers, and a new Head of Platform in the past 12 months.
Russell Lancaster, Managing Director, Platform and Intermediary Partnerships at 7IM said: “We’ve made transfers central to our transformation programme because we know how much it matters to advisers and to clients. 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.”
