Capita Financial Software has launched the latest version of its Synaptic Comparator service which enables advisers to compare on and off platform options.
The Comparator tool includes data for 21 platform charging structures, thousands of funds and in excess of 300 wrappers.
Advisers using it can include AKG financial strength ratings for each platform to show capital adequacy has been taken into consideration during the research process.
Capita Financial Software product developer William Watling said the new updated tool was developed following the FSA's platform policy paper which said advisers need to consider both on and off-platform investments.
"The changes we have made to Comparator are a direct response to PS11/9 and will help to reduce the compliance and due diligence headaches for advisers surrounding platforms," he said.
Head of pensions at LV= Ray Chinn said off platform products can offer some clients access to a suitable range of investments without the need to utilise a platform and incur unnecessary additional costs.
"It is increasingly important that IFAs look at both on and off platform solutions when assessing which offering best suits their clients' needs," he said.
Platforum managing director Holly Mackay said standalone products play an important role in the market.
"Not every client will need a platform - and with client suitability the mantra of the FSA, the first question for each adviser firm is not ‘which platform should I use?' but ‘Is this client suited to a platform'?"
The Comparator tool was first launched in July 2010.
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