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Paradigm Group launches innovative saving service
Cheshire-based IFA and Mortgage Partnership, Paradigm Group, has just announced the launch of an inventive new mortgage service.
On Tuesday Paradigm Group, the IFA and Mortgage Partnership proposition, announced the arrival of Paradigm Savings. It will offer a range of cash deposit accounts through providers which claim to be ‘dedicated to supplying good rates, not only at the onset but continually throughout the lending process’. The service will be available to individual, trustee and corporate clients and will include short, medium and long term loans.
Bob Hunt, Chief Executive of Paradigm Mortgage Services, said: “Evidence to date across the Paradigm Group suggests there has been little or no active promotion of cash propositions amongst the IFA and independent intermediary community, even though cash remains, and is always likely to be, a cornerstone of client assets.
“For this reason, we have launched Paradigm Savings to offer member firms and their advisers a proposition which offers strong rates, not just for an initial ‘bonus’ period, but from the time the account is opened and on an ongoing basis. We only want to work with providers who are committed to this undertaking and we have found two such partners to launch with in Cater Allen and Scottish Widows Bank.
“By offering such a proposition we are seeking to help Paradigm members overcome the barriers many intermediaries have in making deposit recommendations, namely ensuring the accounts presented are not just headline-grabbing rates used to attract customers but those that maintain a competitive edge as long as the client holds money in them. Initial introducer fees will be modest – between 10 and 50 basis points of the deposit – however over time as collective balances grow so will the renewal fee the adviser receives. Our two initial providers have a range of product solutions plus a strong support structure and we believe both advisers and their clients will find a range of attractive deposit account options via Paradigm Savings.”
This mortgage service seems to be a positive incentive to encourage an increase in savings levels, since brokers will be more likely to suggest saving to a client when they know that they too will benefit.
Rob Griffiths, a spokesperson of Paradigm, added:
“In terms of the benefits for investing customers, it is clearly a proposition which provides investors with consistently great accounts and rates. The idea is that the savings products offered through Paradigm Savings will not be short-term ‘bonus-driven’ accounts which become ultra-uncompetitive 12 months down the line. Instead, Paradigm Savings providers will be offering products which provide consistently strong rates allowing customers to have peace of mind that their money is in good hands and receiving a great rate.”
This new deposit savings scheme is initially launching with two deposit-taker providers, Cater Allen (part of the Santander Group) and Scottish Widows Bank (part of Lloyds Banking Group).
Richard Howes, National Accounts Director at Cater Allen, said:
“Cater Allen are delighted to be working with the Paradigm Group on this initiative. As an intermediary-led Bank we understand the importance of the intermediary market and see cash as the beginning of this relationship with clients. We look forward to working with Paradigm’s firms in the future.”
Advisers and intermediaries who use this new proposition will be offered a range of solutions which both reward and incentivise their involvement. These incentives include introducer fees rewarded to the advisor for taking their client to Paradigm Savings.
Gordon Bowden, Sales & Marketing Director at Scottish Widows Bank, is also optimistic about the new partnership. He said:
“Scottish Widows Bank is delighted to have been chosen as one of the providers for Paradigm Savings. Cash management is a fantastic way to add additional value to the customer experience and we’re looking forward to working with Paradigm and its members.”
According to the Paradigm Savings website they offer ‘first-class support via knowledgeable staff offering advice on the solutions available’ to clients. This service is certainly a positive addition to the financial industry, at a time when high street banks are so reluctant to lend money and our personal savings are at an all time low. An intermediary service which offers support and advice must surely be no less than beneficial.
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