Fidelity FundsNetwork is launching a with-profits review service in early 2007 in conjunction with Towers Perrin Tillinghast and Cazalet Consulting.
The FundsNetwork With-profits Analyser is designed to help advisers undertake a thorough case-by-case review of a client’s legacy with-profits policy, while the with-profits review service will give advisers the opportunity to undertake a thorough review of their clients’ with-profit policies.
The free service will also provide a facility to allow advisers to target and prioritise specific customers for review.
The review service and With-Profits Analyser will be available to advisers in early 2007 initially focussing on with-profits bonds.
It will be based on data derived from the PPFM, FSA returns and Cazalet Consulting Analytics, and will use stochastic forecasting to look at both the current with profits policy as well as a range of alternative asset allocation models.
David Dalton-Brown, head of FundsNetwork, says: “The FSA has stressed its concern about the number of policies that need to be reviewed, but the only real way to get under the skin of with-profits is to use PPFMs from each of the with-profits providers.
"With some PPFMs running to 70 pages or more and FSA returns typically compromising of 200 pages of detailed actuarial reporting and analysis, and with dozens of providers sending out these hefty documents every year, an adviser could end up having to review many thousands of pages of documentation.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
Moves to overweight equities and fixed income
The Big Interview: Focus on ethical investment
View from the front row
'No control or oversight'
359 new customers in 2018