A tool that allows IFAs to create model portfolios 50 percent faster than before has been launched by Ascentric.
Dubbed the Cloning Tool it is designed to help advisers and discretionary fund managers automatically recreate model portfolios.
Justin Blower, head of sales at Ascentric, said the tool had been added in response to demand from existing model portfolio users who wished to avoid the need for manual rebuilding of portfolios, where there is a reasonable degree of similarity with a previously created portfolio.
The tool also greatly reduces the risk of error and Ascentric estimates it will allow advisers to create model portfolios at least 50 per cent faster than before. Such model portfolios have on average holdings in 17 separate funds.
It follows a month after Ascentric launched an income forecaster tool which is designed to help advisers assess the projected income of any portfolio.
Blower said the tools reflected Ascentrics ongoing efforts to continually meet the changing demands and needs of advisers.
Colin Rodger, independent financial adviser at Alexander Sloan Financial Planning, described such technology as highly useful.
"If we are using model portfolios or funds in common it would be good to have a template to use for new clients," he said. "If you could fairly easily modify the mix that would be useful."
Around 600 adviser firms use either their own or discretionary fund manager managed model portfolios on the Ascentric platform. Over 2,700 model portfolios have client wrappers linked to them and in total there are 50,400 client wrappers using model portfolios.