Adviser asset

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Consultation

We have consulted extensively with advisers, platforms and product providers throughout the whole development lifecycle of the new tool; design, specification, build and particularly testing.

We have consulted extensively with advisers, platforms and product providers throughout the whole development lifecycle of the tools; design, specification, build and particularly testing.

The consultation process has included;

  • Working extensively with our adviser user group throughout the design process to ensure that the tools deliver the best possible solution for advisers.
  • Polling our 14,000 users and platforms/product providers (on and off-platform).
  • Developing and making available dedicated online environments to the platforms/product providers to enable them manage/maintain their own data in the tools.
  • Extensive dialogue with the finance/actuarial functions in each platform/product provider in order to understand the basis upon which they calculate projections in illustrations and more importantly, how they apply charges and growth rates in practice.
  • Review of a range of KFI illustrations from all platforms and product providers who have been able to supply them, to check how far our tool could and should replicate the results. This process has revealed significant shortcomings in some platform illustrations. For example, we have found no platform capable of producing consolidated illustrations showing the actual charges that would apply to multiple tax wrappers. Some platforms have been unable to reflect their own tiered charging structures and discounts in their own illustrations. We have therefore agreed with each platform how we reflect their charges in the tool in a way that creates a true and fair comparison.
  • Providing dedicated test versions of the new AdviserAsset tool to all platforms and product providers to enable them to review and sign-off the accuracy of the tool results.

These steps have provided a robust industrial strength tool.



 

 

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The tools

The tools have been described to us by advisers, product providers and platforms as a game-changer. No other tool set provides this range of functionality. No other tool set of this type is so easy to use.

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Comparisons

It is becoming increasingly difficult to compare platforms and products. More platforms are moving to stepped and tiered charging structures. Multiple classes of the same fund can co-exist on a platform. Suprisingly, we have found no platforms or tools that are capable of creating illustrations that calculate the impact of consolidated charges across more than one tax wrapper at all growth rates prescribed by the FCA.

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