Bristol-based discretionary fund manager Parmenion has announced a tie up with Weston-super-Mare based Five Ways Financial Planning.

Parmenion, an IFP Corporate Member, will manage fund portfolios on behalf of FiveWays, using their asset class and fund recommendations. FiveWays becomes its Authorised Investment Adviser.

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Chris Gilchrist, director of FiveWays, said: "Our partnership with Parmenion keeps us in control of our investment proposition. We see this as a big improvement on the traditional form of advisory service because our clients can now benefit from our ability to make changes and rebalance portfolios when necessary, without us having to seek prior approval.

"This means less paperwork for clients but more importantly, gives them the reassurance that their portfolios remain in line with the risk profile we have agreed with them."
He said: "We tried implementing a Centralised Investment Proposition elsewhere but found that the investment piece wasn't quite right and the process far too manual."
Richard Goodall, partner at Parmenion, said: "We are delighted to partner with FiveWays. As a firm, they immediately appreciated the benefits that a fully integrated CIP offers to their clients as well as to their firm.
"Two thirds of all advisers now use some form of centralised investment proposition and the opportunities for us remain considerable as more and more advisers seek to build greater efficiency into their CIPs."

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