Advisers can now carry out deeper due diligence and more refined risk and suitability tests after Synaptic Software enhanced its product and fund software for advisers.
The Synaptic Product and Fund enhancements mean advisers can now gain access to information about investment risk ratings, and can use a new due diligence factsheet.
The new factsheet combines Synaptic's risk metrics for any risk-rated fund or portfolio range, as well as commentary from research specialist RSMR, where appropriate.
Adam Byford, managing director at Synaptic Software, said the enhancements came about after consultation with many firms to see how it could best help IFAs to risk profile their customers and manage their client's subsequent exposure to risk.
Mr Byford commented: "Previous reliance on volatility based measures are not enough either for the regulator, or in meeting the challenges around asset allocation in today’s market.
"Synaptic Product and Fund users will have full access to the service within their existing package.”
According to Synaptic Software, its product and fund research tool currently has 8,000 subscribers. The service now includes more than 20 fund groups, discretionary investment managers and product providers.
Risk ratings will continue to be published quarterly on the Synaptic website and via print publications, accessible for free by IFAs.