Quilter has launched two client profiling tools with the help of Dynamic Planner, marking its latest efforts to improve its service for advisers.
The tools, called ‘Client Profiler’ and ‘Quilter Solution Explorer’, were designed to support advisers in their audit trail reporting.
The former allows advisers to assess client needs across four areas – risk, investment goal, investment management style and ESG preference.
While the latter gives advisers the ability to select the most appropriate WealthSelect portfolio, based on the individual profile and preferences of each client.
Quilter said the tools were added to “help advisers overcome regulatory challenges” associated with the incorporation of ESG criteria.
Ben Goss, chief executive officer at Dynamic Planner, said integrating responsible investment considerations into the advice process is something advisers “must get right”.
“It is really encouraging to see a provider like Quilter think innovatively and introduce new digital tools to make the job of a financial adviser easier and fit for the future,” said Goss.
David Tiller, commercial and propositions director of Quilter’s platform and Quilter Investors, agreed suitability hurdles “keep getting higher”, meaning helping advisers “to get it right” is “vitally important”.
“It was advisers sharing their challenges that influenced the design of these two tools. Too often investment products are lobbed into the market with little regard for distinct client preferences and the adviser’s obligations,” said Tiller.
“These tools are about Quilter moving forward with advisers to help support their clients and allow their advice process to meet the challenges of today’s world.”
Tiller echoed the sentiments of Quilter’s chief executive, Paul Feeney, who told FTAdviser last week the wealth manager’s focus was now on “deepening” and “broadening” its relationship with third-party IFAs now it had a platform which could appeal to more advisers.
Its replatforming exercise cost a total of £202mn, and took around two years, from soft launch to the final migration in February 2021.
Quilter works with around 6,000 third-party advisers. It has plans to put its platform on mobile phones and tablets later this year. It is also gearing up to launch its hybrid advice offering.
Last week, the firm added 40 portfolios to the platform via its WealthSelect Managed Portfolio Service, taking the total number to 56.
WealthSelect managed around £9.6bn at the end of last year for 64,000 investors across 1,800 adviser firms.
ruby.hinchliffe@ft.com
