AJ Bell has created a tool to help advisers see the impact capital gains tax can have on clients’ investments.
The capital gains tax tool outlines the gains and losses for each investment held in general investment accounts on AJ Bell's Investcentre platform.
Advisers can use the tool to estimate how future sales out of their investments will affect a client’s capital gains tax position using ‘what-if’ scenarios.
Billy Mackay, marketing director at AJ Bell, said “One of our core aims as a business it to make it easier for advisers and their clients to invest money.”
He said the CGT tool has topped the wish list in every piece of research done over the past two years.
Many advisers don't think about capital gains enough. Wendy Cochran“With this in mind, we have been delighted with the initial response to the tool with feedback from initial user groups being very positive.”
AJ Bell also lets advisers report on a client’s overall capital gains tax position by adjusting the figures to account for gains made outside the AJ Bell investment account.
The development is part of a wider digital strategy project on the AJ Bell platform, including the launch of new website, which aims to improve navigation and filters to help find information quicker.
Mr Mackay said: “Rather than taking a ‘big bang’ approach, we will introduce the new website alongside the existing one.
“This will allow users to gradually get acquainted with what will be a very different look, feel and user experience.”
Wendy Cochran, independent financial adviser at Dalbeath Financial Planning, said she thought this sounded like a great idea.
“Many advisers don't think about capital gains enough; it is really frustrating to take on a new client and want to make changes to their portfolio, but your hands are tied due to large capital gains.”
katherine.denham@ft.com
