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Increasingly advisers need to use a range of advice tools to assist in the analysis of their clients current finances and to help develop recommendations. Modelling tools can help foresee the possible returns from investments and risk profiling tools can help match recommendations to the risk appetite and capacity for loss of your clients. As their complexity and use increases, these tools have attracted the attention of the regulators who want to see evidence that the tools are being used correctly and that sufficient checks and controls are in place to ensure their effectiveness.

Enterprise Learning can help you by reviewing existing tools to check that they are generating suitable outcomes for your customers. If necessary we can develop guidance for your advisers on their use with different types of clients and financial planning requirements. We can also help you in deciding on new tools and providing independent input to your ‘beauty parades’ for providers of tools. We can help you plan the implementation and roll-out of tools and also manage the risks of the use of your advice tools both immediately after launch and once they are more embedded.

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Benchmarks

  • Comprehensive suite of tools to support key elements of the advice process (e.g. inflation and/or projection calculators, stochastic and/or expenditure modellers etc.).
  • Output generated by tools is fully used by advisers when formulating recommendations.
  • Clear guidance on how these tools work and when they should or should not be used.
  • Use of the tools is consistent across the sales force for a given set of client needs or objectives.

Negative Indicators

  • Tools are designed or used to promote predetermined advice outcomes.
  • Calculator tools used inconsistently due to adviser preference or capability leading to different recommendations and customer outcomes across similar customer needs/objectives.
  • Advisers use tools but then ignore or amend their outputs in their advice to consumers.
  • Sophisticated modelling tools without clear guidance leading to misuse of tools within the advice process.