P1
Founded in 2016, P1 started out as an innovative and entrepreneurial discretionary fund manager (DFM), offering investment services to clients of financial advice firms and institutional investors.
Today, P1 offers not only award-winning investment management, but also a next generation, Seccl-powered investment platform, designed to turbo-charge its own services, and those of the advisers who use it.
+ Seccl
Seccl provides the custody and underlying technology infrastructure that powers the P1 Platform. P1, meanwhile, acts as the platform operator – defining the overall proposition and pricing, and delivering customer service excellence to the advisers who use it.
Unlike in the 'adviser-as-platform' model, P1 didn't build its platform only for itself. Nearly 100 advice firms now rely on its fast, efficient and affordable platform experience – and counting. P1 has serious growth ambitions as it continues to distribute the platform to forward-thinking firms on the hunt for a paperless, low-cost alternative to traditional platform options.
The challenge
Adviser platforms are getting in the way
The launch of its own investment platform was always a core part of P1's strategy. It was grounded in its own frustrations with existing platform options, none of which allowed for quick, easy or effective integration with other third-party software solutions, back-offices and planning tools.
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"We thought there must be a better way for a platform to integrate with the huge universe of financial planning tools and back-office systems, without actually providing them ourselves", explains P1 CEO James Priday.
It was the beginning of a realisation that existing platforms just weren’t fit for purpose. Rather than driving efficiency, they were becoming a barrier to it. Poor system integration was forcing hard-working admin staff to rekey data between different tools. Throw in outdated platform processes that were at best clunky and slow, and at worst manual or paper-based, and it was a recipe for unnecessary human error and delay. All of which increase the cost of the overall advice journey.
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Efficient
1
P1 Platform admin staff per 100 advice firms
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Digital
90%
Automation of processes
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Fast
24hrs
To integrate with an advice firm's client reporting software
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Integrated
12
Software integrations and growing fast
We looked around the market and there was nobody else that could allow us to build tech and integrate in the way that we wanted. And I don’t think there is anybody else that we could work with that would allow us to move as quickly as we have done.
The solution
Helping advisers focus on advice, not admin
The P1 team had a vision for what an adviser platform could and should be: one free of outdated processes and instead powered by highly automated systems that cut out the need for unnecessary back and forth.
To make this vision a reality, P1 turned to Seccl to provide the digital custody infrastructure upon which it could shape and launch its next-generation adviser platform. Seccl’s ‘embedded investment platform’ powers the key operational functions of the P1 Platform, providing safe custody of cash and assets, facilitating payments, and aggregating and routing investment orders to market – to name a few.
This frees up the P1 team to focus on what really matters: delivering a great and continually improving customer experience to the growing number of advisers who use it – one characterised by speed and genuinely straight-through processing.
The impact
An award-winning platform with a reputation for service excellence
Since its launch in 2020, the P1 Platform has developed an award-winning reputation for service, regularly topping adviser polls for the lang cat and Platforum.
Its service reputation and market-leading 0.15% platform fee has helped to underpin the P1 Platform’s continued growth as a platform to be reckoned with.
P1 at a glance
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2016
Founded in 2016
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16
People
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£1.21bn
of assets under management and administration
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2020
P1 Platform launched
They’ve been a standout firm and an early adopter of new technology. They have a really clear vision of what they’re trying to build and they’re leading the sector in terms of digital adoption and efficiency.
P1 Platform
Redefining service excellence for a digital age
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