Retirement Planning Awards 2023

Retirement Planning Awards 2023 Wealth & Finance 21. Feb23022 Most Innovative Financial Product Switching Software Developer 2023 – UK AdviserAsset was established in 2010 and now provides the widest and most advanced range of advice support tools to UK Financial Advisers. Founder and CEO Colin Turton tells us more about the firm and its plans for the future as it wins recognition in 2023’s Retirement Planning Awards. AdviserAsset founder and CEO Colin Turton has over 40 years’ experience in the world of financial services. Colin is a serial FinTech entrepreneur, having also established IFA MarketWatch, a leading supplier of marketing intelligence to the fund groups, platforms and life companies. The AdviserAsset tool set comprises a Consolidation/Switching tool, Charge Comparison tool, Drawdown tool, Platform Due Diligence tool, Cashflow planning tool and a Risk Profiling tool. The Charge Comparison tool “compares total cost of ownership as per FCA, COBs, and DP 10/2. This is a truly multi-wrapper tool – enabling charge comparisons to be undertaken for investments into multiple wrapper types in one single analysis. Uniquely, the tool will aggregate investments across GIA, Pensions, ISAs, Onshore Bonds and Offshore Bonds for the purpose of calculating platform charges.” AdviserAsset remains the only tool in the UK market with this multi-wrapper facility. AdviserAsset’s Drawdown tool ensures that cashflow can be easily and accurately monitored, now and in the future. The way it works is by scenario planning, “for income sustainability modelling and drawdown charge comparisons,” Much like the Drawdown tool, the Lifetime Cashflow Modelling tool “incorporates integrated simulations,” such as the Monte Carlo simulation. This is a technique is a mathematical process of predicting different outcomes based on variables that may be predicted or unpredicted to begin with. By uncovering these variables, and staying aware of them throughout the simulation, all areas can be covered with ease. AdviserAsset’s Consolidation and Switching tool, however, has caught our eye and defined the firm as winner of Most Innovative Financial Product Switching Software Developer 2023 – UK. The award-winning Consolidation/Switching tool “handles Pension switches, ISA switches, Drawdownto-Drawdown switches and Platform Account switches. If needed, the tool can accommodate multiple wrapper types in one single switch analysis.” Again, AdviserAsset is the only tool in the UK market with this multi-wrapper capability. “Most platforms aggregate assets across product types when applying charges. Normally, the higher the asset value the lower the cost. It follows that to calculate platform charges fully, tools need to take a multiproduct view, aggregating products across product types in one single analysis.” Colin shares, “When we built our tools in 2009 the supply world in UK retail financial services had experienced a seismic shift from one that was primarily about life companies and product, to one that was primarily about platforms and assets.” AdviseAsset has managed to square the circle by delivering the high level of sophistication and complexity needed to undertake multi-wrapper analysis, whilst ensuring the tools are “highly intuitive, consistent, and quick/easy to use.” AdviserAsset is continually evolving. Colin says, “We operate a highly lean and flat business model that enables us to embed a profound understanding of our user requirements in everything we do, and to operate with a cost base which is orders of magnitude more efficient than any other tool provider.” The ease of use and intuitive nature of the tools therefore enables AdviserAsset to deliver high quality adviser support whilst keeping a lid on costs Colin comments, “The most important aspect of our service is to minimise the need to provide service. In other words, by making tools which are highly intuitive, consistent and quick/easy to use, we minimise the need for our adviser clients to contact us with queries. This in turn enables us to focus very high quality support to those relatively small number of advisers who do need to contact us.” For 2023, and beyond, AdviserAsset plans to “stay close to advisers,” so that it may deliver everything they need on time, every time. Most importantly, Colin appears to hold a unique key to enable some of the larger adviser service providers to deliver more complete propositions. “In terms of changes to our model, there are several large organisations playing in the UK advice space where the services provided by AdviserAsset constitute a major gap in their propositions. These organisations include Dynamic Planner, FE, Fidelity Conquest, Fintel, FNZ, Intelliflo, and others. We therefore see AdviserAsset playing more of a role in strategic integrations with other tools and back-office systems going forward.” Colin adds. We have found AdviserAsset deeply understands the key points of friction in the adviser space. The firm is clearly committed to continuously work on improving and expanding their adviser solutions. Contact: Colin Turton Company: AdviserAsset Web Address: