A new way of limiting future mis-selling liabilities may have been uncovered, thanks to launch of the UK's first FSA-approved online financial adviser.
Called Adviser300, the online advice service developed by Group 300 uses recognised financial planning techniques to offer a series of "faceless" questions to consumers, however, developments are also underway to create a video streaming service on which the client can see the adviser they deal with.
Not only does the platform move advice development towards the full online access and web streaming IFAs dream of – based on comments presented at the Sofa conference in November 2001 – but each stage has been developed with the full support of FSA officials, says ceo Chris Batten, as the platform has also found a novel way of limiting future mis-selling claims and explaining risk/reward.
Every piece of information the consumer inputs to Adviser300 is collected and stored on the platform until the advice process is over, and then burned onto an uneditable CD to be sent to the individual.
Users are asked to provide personal information about their income, expenditure, assets and liabilities, their financial priorities and matters that need most attention, before setting more detailed goals such as how much income they seek at retirement or how much to save for education fees.
The system then turns to risk and reward of products by displaying in monetary terms the projected market impact of goals and any recommended changes that might be needed.
Adviser300 online advice is already being offered to 120,000 members of the Graphical, Paper and Media Union.IFAonline
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