The wider choices introduced by platforms have led to increased focus on funds, risk planning and asset allocation, bringing new challenges for advisers. Improving client service is now more important than ever before.
The Retail Distribution Review (RDR) is having the biggest impact seen in the industry for many years. The new focus on client service and transparency of charges will encourage many to further embrace the opportunities offered by platforms, but the adequate due diligence of platforms is not seen as a straight forward task.
FSA factsheet on fund supermarkets and wraps.
The FSA factsheet recommends that advisers consider nine points about the platforms they intend to recommend:
Synaptic Comparator is the only comprehensive tool available to advisers that will allow them to analyse platforms with specific focus on all these aspects.
Synaptic Comparator is a wealth management solution for professionals and the first module in Capita Financial Software’s new online suite of integrated services for advisers. This innovation will revolutionise the way due diligence is carried out for platforms by reducing unproductive time and costs for advisers.
Synaptic Comparator is an online research tool, using the very latest technology. The system is flexible, allowing the comparison of leading platforms on the criteria important to both the client and adviser firm. These could be the features of the platform itself, aspects of the tax wrappers or the availability of underlying funds.
The product enables advisers to save time and effort by being able to conduct regular due diligence of the platform market. It maps the adviser firm's requirements for their client segments; including features, tools, independent service ratings from The Platforum, funds and own charge projections validated by Capita actuaries and the platforms themselves.
Crucially, Synaptic Comparator brings together all of the charges associated with each component, providing a true like-for-like comparison across the market place.
Own charge projections include:
The flexibility offered by Synaptic Comparator offers advisers unrivalled functionality. For the first time a single system is available to analyse all aspects of platforms and providers, together with actuarially approved projection tools encompassing all charges.
If you are interested in this product, please contact sales on 02476 839721
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