Fidelity FundsNetwork has launched a new with-profits review service, aimed at giving IFAs a clearer picture of the "good, bad and plain ugly" investment policies.
Developed in partnership with Cazalet Consulting and actuarial consultants Towers Perrin Tillinghurst, the With Profits Analyser tool is now on general release through the FundsNetwork platform.
FundsNetwork says the service allows advisers to assess bulk and individual policies to see if the underlying asset allocation is still aligned to client need and risk profiles.
Road-tested by 12 IFAs, the tool covers 265 products from 40 life insurance groups.
Key features include:
- Risk profiling questionnaire
- Cazalet Fund Ratings
- Access to Cazalet analysis and commentary only available through FundsNetwork
- Online suitability tool to identify client policies and summarises potential options for consideration
- Instant fund health check – providing unique 3-factor fund review looking at investment freedom, smoothing capability and the impact of charges and additions
- Historical asset allocation and performance data
- With profit fund fact sheets only available through FundsNetwork
- Forecasting tool providing the ability to compare a current with profits bond against alternative asset allocation strategies
“When assessing a client’s with-profits portfolio, it’s imperative that advisers can identify the good policies, the bad and the plain ugly,” Fidelity FundsNetwork head David Dalton-Brown says.
“The FundsNetwork With Profits Analyser – a free and independent service – enables them to cut through a welter of data to build a clear picture of the client’s with profits investments.”
Cazalet Consulting chief Ned Cazalet says the £430bn with-profits sector is highly complex and is the closest thing the UK financial services industry has to “rocket science”.
“The FSA’s May 2007 Insurance Sector Briefing made it quite clear that inaction is not an option, and that intermediaries cannot duck the issue and leave their clients without advice as to whether to buy, sell, or stay put,” he says.
“The work that we have done in building the user-friendly FundsNetwork With Profits Analyser assists advisers in dealing with the advice conundrum, and should enable them to formulate high quality, compliant advice on with-profits and properly evaluate alternative strategies, to the benefit of their clients.”
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