The financial information business, Defaqto, has launched an “end-to-end financial planning tool” called Engage Core.
Engage Core’s suitability reporting capability incorporates multiple research recommendations into one comprehensive report making it even easier for advisers to present their research and recommendations to their clients, according to their statement.
Paul Dagley-Morris, Chief Technology Officer (CTO) at Defaqto says: “Our suite of suitability reports templates is designed to help advisers meet their regulatory obligations. Following some market listening, we identified the opportunity to expand our capability to allow advisers to pull their product research and recommendations through into one report. This is an important step in Defaqto’s mission to provide integrated technology that supports advisers throughout the entire financial advice process, from risk profiling to sourcing a suitable product or investment and the consequent reporting.
“Traditionally, financial planning has been carried out in a very static format with rigid and time-consuming processes. Financial advice is, after all, a complex service to provide – with constant changes to regulation it is crucial for an adviser to always have their finger on the pulse to ensure compliance and accuracy.”
Dagley-Morris adds: “The simplified navigation and automation provided by Engage Core reduces complexity in the suitability report writing process, saving time and creating further efficiencies for time-strapped advisers. Additionally, the reports are fully customisable ensuring that advisers can always create a bespoke suitability letter in line with the FCA requirements.”
Are financial planning tools useful for advisers?
Zahid Bilgrami, CEO, Defaqto said in a blog post in IFA magazine earlier this year that “technology should be introduced to complement and enhance traditional financial planning advice, rather than replace it, in order to meet evolving client demand.”
Bilgrami adds: “Traditionally, financial planning has been carried out in a very static format with rigid and time-consuming processes. Financial advice is, after all, a complex service to provide – with constant changes to regulation it is crucial for an adviser to always have their finger on the pulse to ensure compliance and accuracy.
“However, there are many different parts to the advice process where digitisation and automation can reduce complexity whilst ensuring compliance, such as research, report production and product sourcing.
“Technology has the ability to support the delivery of services to many more people, in an engaging and more affordable way. Traditional advisory firms should work to utilise technology to enhance their existing offering and open up services to a wider customer base.”