In an industry in constant evolution, where regulations are becoming increasingly complex and digitalization is becoming an essential lever, support for young wealth management advisors can no longer be limited to simply providing them with tools. With this in mind, 1215, the Magnacarta group’s structure dedicated to Wealth Managers at the start-up stage, has forged a strategic partnership with Karbonalpha, publisher of a sovereign digital solution dedicated to compliance. Corinne Vigouroux, Managing Director of 1215, and Jérôme Gorce, founder of Karbonalpha, discuss how this alliance redefines the standards of 360° support.
Corinne, can you tell us about 1215 and its role within the Magnacarta group?
Corinne Vigouroux (1215 ): Magnacarta is a group with over 30 years’ experience, and we have different entities within the group in charge of supporting Wealth Manager (Wealth Manager) firms according to their level of maturity and size. Groupement 1215 is a Magnacarta group brand, specifically designed to support Wealth Managers just starting out. We already support some 50 firms, and Magnacarta as a whole more than a hundred. At 1215, we offer 360° support to young Wealth Managers, providing them with business tools (client sales pitches, product selection, etc.), a digital tool to manage regulatory and administrative aspects, as well as business development support. The aim is for them to be up and running quickly, supported not only in administrative matters but above all in sales, so that they can concentrate on their core business: advising and supporting their customers.
In concrete terms, how does this support work for a Wealth Manager starting out?
Corinne Vigouroux: A Wealth Manager who joins us takes out a subscription. For €499 ex. VAT/month, the Wealth Manager has access to all 1215’s digital tools, advice and support. First, we help them set up their business: registration, choice of partners, registration with professional bodies such as ORIAS, taking out professional liability insurance, etc. Then, we support them in their professional development. Secondly, we provide support on regulatory, legal and financial issues, helping you to structure your business properly. And, of course, we provide a knowledge base and day-to-day human support via experts and training courses. Complementing this expertise, we provide a comprehensive digital tool that structures and secures the Wealth Manager’s activity. Offered at an attractive price of €499, it represents a real boost for professionals starting out in business, far more affordable than the accumulation of individual tools dedicated to customer care, such as recommendation tools, subscription tools, product comparisons, technical databases, etc. Our great added value lies in our personalized support, which is akin to genuine tailor-made coaching. On a daily basis, we help these new entrepreneurs to flourish and succeed in their new professional adventure.
Have you ever advised a newcomer against becoming a Wealth Manager?
Corinne Vigouroux : Absolutely! If I feel that the project is out of touch with the realities on the ground, my role is to provide an objective perspective on the challenges facing the business. Sometimes, it’s better to postpone the launch to let the project mature and ensure the best chances of success.
You’ve recently added a digital dimension to your offering by teaming up with Karbonalpha. Why this partnership?
Corinne Vigouroux: There’s no denying it: compliance issues are a source of stress and worry for Wealth Managers. And rightly so, as the repercussions can be major. With Karbonalpha, their work is not only optimized, but also perfectly secure. We are the only company to offer a fully integrated digital solution.
Karbonalpha has designed an exclusive solution for 1215, ultra-accessible and fully adapted to the needs of our members. Everything has been designed to simplify the management of practices, enabling them to concentrate on their core business.
Jérôme Gorce (Karbonalpha): Exactly. For 1215, we have built an integrated digital solution that simplifies and automates Wealth Manager compliance, right down to the aggregation of contracts. Our technology is entirely sovereign and 100% French. Where other tools are limited to fillable PDFs, we digitize and automate the entire regulatory process.
In concrete terms, what are the advantages for Wealth Managers using Karbonalpha?
Jérôme Gorce: The first advantage is time savings. Our tool saves 80% of time on tedious, non-intuitive tasks for a Wealth Manager, which have little added value, even though they are unfortunately essential. Thanks to automation, Wealth Managers can concentrate on their expertise rather than on time-consuming administrative tasks. Then there’s data security in terms of archiving and traceability thanks to blockchain. Finally, our solution already incorporates the latest regulatory developments, guaranteeing fluid and instantaneous compliance, but above all has been designed to anticipate all regulatory changes (unfortunately numerous!) extremely quickly. We have also developed a proprietary aggregation tool.
How do you keep up to date with all regulatory requirements?
Jérôme Gorce: We have a specialized legal expert who monitors all new legislation, and advises us on how to integrate all requirements as quickly as possible. In addition, depending on the products, asset classes or investment solutions, we talk to the suppliers (management companies) and integrate all the commercial and legal information directly with the associated compliance requests.
Corinne Vigouroux: For example, we were the first to introduce the ESG Customer Questionnaire, which has now become mandatory. This ability to anticipate perfectly illustrates Karbonalpha’s responsiveness, a major asset in supporting our members in the face of regulatory changes.
Corinne, what feedback do you get from Wealth Managers who use this solution?
Corinne Vigouroux: They’re very positive. Our advisors tell us that adopting Karbonalpha has simplified their day-to-day work and enabled them to accelerate their business development. Since the integration of this solution, the regulatory process has become more fluid, making it easier for them to offer their customers complex and diversified products. It’s often with products such as Girardin industriel, structured products or SCPI that the regulatory issues can be extremely complex. Now that everything is integrated, it’s a considerable advantage for them to be able to advise their customers on investments that make sense, without having to fear an administrative burden or even a regulatory threat.
To find out more about 1215: 1215.fr and to find out more about Karbonalpha: karbonalpha.com
Interview by Zoé Charny for Les Experts du Patrimoine