Openwork is providing its advisers with a new client bank segmentation tool to help them transition for the retail distribution review (RDR) and get them ready for fee-charging business models.
The tool will provide advisers with an analysis of their client data and help them to decide on the right business model and proposition, as well as enabling them to integrate and download client data from as far back as 2006.
The network has also enhanced its online cash flow modeller with the addition of existing 'soft' income streams. It says this will help advisers understand the impact on their cash flow of moving legacy assets onto a platform, while enabling them to more effectively model inflows.
Phil Mogford, programme director at Openwork, said: "These latest enhancements to our RDR programme have been developed in consultation with advisers in our pilot trial and are designed to make it easier for them to move their clients across to fee-charging while understanding the financial impact of doing so.
"We will continue to work closely with our advisers to guide them step-by-step through the transition to the RDR and to ensure our support remains as pragmatic and comprehensive as possible."
Openwork recently began a pilot programme to move advisers across to fee-charging business models and intends to roll it out to the entire network by the end of the year.
INDUSTRY VOICE: How can the financial services sector create good outcomes for women as both employees and customers? This was the question posed by Quilter's corporate affairs director Jane Goodland to four panellists at TISA's annual conference this...
Interest rates held
'Transfer volumes to decrease'
‘Call to action for mortgage advisers’