Retirement Planning Awards 2024

Feb24379 Most Innovative Financial Consolidation Software Provider 2024 - UK AdviserAsset has provided advisers with market leading advice decision support tools for the past 14 years, and is recognised once more in the Retirement Planning Awards for its groundbreaking Consolidation and Switching tool. AdviserAsset also provides a wider suite of tools for advisers including charge comparisons, drawdown analysis, cashflow planning, platform due diligence and risk profiling. This years’ award reflects AdviserAsset’s continued leading and innovative approach to platform and product switching. The AdviserAsset tool is unique in many areas, but the stand-out functionality continues to be the ability to aggregate assets across different wrapper types into one single analysis. If doing so, AdviserAsset appears to be the only tool in the market capable of calculating platform charges in the way that platforms actually do it. Specifically, AdviserAsset can apply the various stepped and tiered platform charging structures across multiple asset types in one single analysis including unwrapped collectives (GIA), ISAs, pensions and drawdown. AdviserAsset therefore uniquely handles multiple ceding scheme projections where each of the ceding schemes might be projecting using different percentage growth rates, different numbers of growth rates, different treatments of inflation and different time periods. This unique functionality creates considerable competitive distance between AdviserAsset and the other tools that were considered for this award. Most importantly, it would appear that only AdviserAsset can claim to have a switching tool compliant with the Fair Value aspects of FCA Consumer Duty in this regard. As well as the Consolidation and Switching tool AdviserAsset has a Charge Comparison tool for new investments. This tool compares total cost of ownership as required by FCA COBs and DP 10/2. This is also a multi-wrapper tool accommodating platform accounts, pensions, ISAs, onshore bonds and offshore bonds. In common with the Consolidation/Switching tool it is the only tool in the market which can accommodate multiple wrapper types in one charge comparison. AdviserAsset’s Drawdown tool is for clients currently in accumulation who are seeking to move into drawdown. The tool enables income scenario planning, assessment of income sustainability, and flexi-access drawdown charge comparisons. Both on and off-platform solutions are included. The award-winning Platform Due Diligence tool is based on FCA factsheet 12 and enables advisers to specify their platform requirements (features and functionality). The tool then provides a best-fit platform report – no other switching tool has this. The Risk Profiling tool is based on the FSA Risk Profiling Guidance Consultation Paper and the Ontario Securities Commission’s global review of risk profiling best practice in which the UK FCA participated. The tool includes an assessment of risk need, capacity for loss and portfolio alignment to risk categories. The AdviserAsset tool suite also includes a lifetime Cash Flow Modelling tool which is quick and easy to use, very flexible and incorporates integrated Monte Carlo simulations. All AdviserAsset tools are fully integrated, eliminating the need for any duplicate data entry. There is also an underlying consistency in the way the tools look, feel and behave as all tools were all built by the same team. Founded by serial Fintech entrepreneur Colin Turton, AdviserAsset was the market’s first platform charge comparison tool and is now the market’s only remaining owner-managed business providing adviser tools in this space. Colin has over 40 years’ experience in financial services. This experience has included pan-European management consultancy with PWC and EY. Colin has also previous been a Technical Adviser to the All Party Parliamentary Committee on Insurance and Financial Services and an adviser to DGXV of the European Commission. Colin shares, “The most important aspect of our service is to minimise the need for advisers to contact us with queries. In other words, by making tools which are highly intuitive, consistent, and quick/easy to use, we minimise queries and save time for all concerned. This in turn enables us to offer very high-quality support to those relatively small number of advisers who do need to contact us.” This unique approach enables AdviserAsset to operate with a very lean cost base which benefits advisers in the form of the lowest subscription cost levels in the market. Moving forward, AdviserAsset will continue to work closely with advisers to evolve its solutions. With its multi-award winning state-ofthe-art tools, AdviserAsset provides a unique blend of enhanced efficiency and significant cost savings for advisers. Spearheaded by FinTech entrepreneur Colin Turton, the firm will continue to deliver the best, easy-to-use tools to help advisers navigate the complexity of today’s advice world. For its innovative solutions, we have bestowed on AdviserAsset this year’s award for Most Innovative Financial Consolidation Software Provider – UK. Contact: Colin Turton Company: AdviserAsset Web Address: