F&TRC has launched a free online tool to help advisers understand the current charging processes applied by providers and platforms for new and legacy business.
The financial services product and proposition research and comparison company’s new online matrix compiles adviser charging information from providers and platforms, including Aviva, Aegon, Standard Life, Scottish Life, Zurich, Old Mutual Wealth, Novia, Fidelity Funds Network, Alliance Trust Savings, Canada Life, James Hay and Cofunds.
Covering specific details of processes for pensions, collective investments, onshore and offshore bonds, it assists advisers in understanding:
• what needs to be done in order to facilitate adviser charging with regards to new business and business already in force;
• the variations between provider and platform processes, both pre and post-RDR;
• the remuneration options available to the adviser;
• documentation required to effect an adviser’s fee agreement; and
• direction to supporting documentation and adviser sales aids.
Ian McKenna, managing director of F&TRC, said that the tool was developed in response to overwhelming feedback from advisers that information around charging processes for different organisations is confusing and difficult to find.
“The information comes direct from the organisations and is updated daily. This will enable advisers to compare different organisations’ processes side by side in a single place so they understand where they need to do different things for different life offices and platforms.”
Mr McKenna added that more providers are currently in the process of submitting information to the matrix, developing it into a comprehensive comparison service enabling advisers to consider the charging elements that best meet their clients’ requirements.
peter.walker@ft.com
