The platform will be owned by a group of firms including Prydis, all contributing to the decision making with the aim of meeting the needs of advisers and their clients.
Prydis is initially aiming to partner with around 30 advisory businesses on the project.
‘P1’ will offer a general investment account, an ISA, a junior ISA, a self-invested personal pension (SIPP), and the ability to manage assets from third party providers. This is being offered alongside a range of model portfolios, as well as an option allowing financial advisers to create their own portfolios alongside the P1 investment team.
The model portfolios will be made available through other platforms while a bespoke service is also available for invest pots of £500,000 up.
P1 will also provide portfolios to ‘Strawberry Invest’, a direct to consumer platform in which it is taking a 49% stake.
The combined platform and model portfolio fee is 0.5% per annum up to £1m, dropping to 0.1% for any larger portfolios.
“We felt there was a discernible gap in the DFM market for a truly adviser led proposition,” said James Priday, managing director of Prydis. “P1 will not have its own financial advisers and it will not deal with individual clients directly, therefore we are enabling financial advisers to protect the trusted relationship with their clients.”
“We have already received a high level of interest in the DFM service and are currently speaking to a number of quality advisory firms who are keen to join P1 and have a greater influence over the investment service they use for their clients,” Priday added.
