Matt Ward talks to Helen Morrissey about how Defaqto is helping advisers to research the third way product market
Tell me about the new service?
We have added income guarantee and capital data guarantee columns to the income drawdown product research area of our Aequos Online and Engage IFA research tools. This will allow IFAs to research the latest third way products on the market.
Aequos is an online tool offered to IFAs to help them with their product research and recommendation work. The tool allows advisers to conduct a fact find and decide on the right type of product for their client. They can use it to search through many different types of product depending on the criteria that they have entered. For instance they can sift through information based on minimum/maximum amounts to be invested or to help with their fund research. The adviser can then run a justification report to sift down to the right product for their client.
What adviser need was this service developed to satisfy?
We have been looking at the at-retirement space for some years now and we've been trying to find a way to educate the adviser on the latest innovations and how we can assist them in the work they do. We wondered whether we should look at third way products as a separate group for instance, or whether we should place them with other products. In the end drawdown seemed like the obvious choice when it came to placing these third way products into a category. At least then if advisers wanted to search for a guarantee for instance they can do it in a system they are used to working with.
What challenges have you faced in developing this service?
We know the products really well but our challenge was to work out how to represent them in the best possible way as part of the programme, i.e. do we attach it to existing product areas or do it on its own? Advisers want to compare these products to the areas they are used to working in so it felt right to include them in the way that we have. We launched the functionality in the summer and we will be able to track what kind of queries are coming through and see if it is being used properly.
- For more information contact [email protected], 0808 1000 804
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