The Personal Finance Society (PFS) has given its backing to F&TRC's latest launch, Quality Analyser, which gives advisers free access to a market-wide comparison tool from 22 April.
The technology is a free tool for advisers which allows them to compare and contrast different products from a a variety of providers depending on client specifications.
The tech specialist has created three modules - workplace, protection and software.
The workplace module has tools covering auto-enrolment, group personal pensions and self-invested personal pensions.
The protection module has tools covering life, critical illness and income protection and the software module has tools covering compliant management systems, financial planning tools and risk profiling and portfolio construction. The firm said a savings module would launch in due course.
F&TRC has worked in collaboration with the Personal Finance Society (PFS) and the Chartered Insurance Institute (CII), who have accredited its Quality Analyser auto-enrolment training chapters. PFS members will receive 30 minutes of structured CPD for completion of each chapter. There are currently 13 auto-enrolment chapter topics, with training on further subjects being developed and accredited.
The PFS has agreed to promote the tool at a forthcoming 24 roadshows.
PFS chief executive Keith Richards said technology was an "empowering" force for advisers and would help them succeed.
"Technology has often been referred to as an enabler but I like to think it will empower advisers to more ably reach the right solution for their clients."
Richards also said tools of this type - which providers are charged to access - would encourage the right and proper competitive behaviour between insurers.
"That will drive competitive behaviour and that will drive better consumer outcomes. That is a very strong aspect from where we are coming from."
F&TRC managing director Ian McKenna (pictured) said advisers had been part of the design process for the tool since inception.
He added: "This puts the tools in the hands of advisers to give detailed analysis of the solutions that are out there. We had active consultation with advisers all the way through the development process."
He said: "The amount of provider data used to perform the calculations and comparisons is unparalleled in this industry. When an adviser generates a report using Quality Analyser, they can rest easy knowing that the output will meet the most stringent of due diligence requirements.
"And to provide extra peace of mind, within the tools, we’ve also included a notes capability to enable advisers to record and capture the client conversation that have driven the rationale for their selection.”
Syndaxi Financial Planning managing director Rob Reid said: “Given the plethora of offerings available, something that gives advisers the chance to assess the comparative value of different offerings is long overdue”.
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