Advisers using Defaqto's Engage Core financial planning software are set to be able to use suitability report templates within the system.
David Cartwright, head of insight and consulting (wealth and protection) at Defaqto, said his business worked with law firm Eversheds Sutherland to develop the suitability report templates.
He said the development means advisers would no longer need to switch tools throughout the advisory process.
Mr Cartwright added advisers can save time by using the suitability report templates within Engage Core, as some content is pulled from their research sessions in Engage.
Therefore he said advisers can now satisfy compliance requirements while staying in one workflow.
Mr Cartwright said: "Advisers are expected to relay the story that took place. Using pre-set lists of text is frowned upon by the regulator.
"That is why Defaqto's templates provide some standard text to help frame the advice but aims moreover to provide detailed hints and tips designed to help the adviser craft a bespoke suitability letter for their client in line with the Financial Conduct Authority's requirements."
Defaqto suitability report templates can be amended by firms to accommodate templates and standard content that they may have previously been developed internally or from using a third-party consultancy.
The report templates cover pensions and lifetime annuities, investment switching and inheritance planning, among others.
Fiona Tait, technical director at Intelligent Pensions, said: "The suitability report is at the heart of financial advice, so it is good to see some focus and help with this.
"Having legal input is clearly an advantage and Defaqto are obviously looking to capitalise on their users' ability to pull information easily from client data."
However, she added: "My only reservation is that templates can sometimes be a bit restrictive and do not always reflect the language and ethos of the adviser firm, however there is no doubt that advisers can learn from the structure and content that Defaqto has put together."
The suitability report templates contain notes to help advisers meet their regulatory requirements and follow the principles for best practice, the company.
Elizabeth Pfeuti is a freelance journalist