Advise Wise has unveiled a new feature on its later life sourcing platform to incorporate all setup costs directly into their search.
When starting a product search, users can now enter their advice fee, the solicitor’s fee and whether the client wishes to add these to the loan, deduct or pay from their own funds. The platform then factors the setup costs in the research, including them automatically on the KFI, once it’s requested through the Advise Wise Platform.
Advisers using Advise Wise can edit the fees at any time during product sourcing.
This new feature also allows advisers to factor any cashback into their research and this for some plans means that a lower loan amount can be utilised, in addition to cashback, to achieve the client’s desired net loan amount.
The Advise Wise Platform now also includes an interest roll-up table for each product, allowing advisors to see the impact on the estate of adding fees to the loan.
Craig Faulkiner, head of distribution at Advise Wise, said: “We’re pleased to announce this latest platform enhancement that further simplifies the product sourcing for advisers. Simply by entering the set up costs at the beginning of the product search, the platform will do the rest, leaving advisers to focus on what matters the most: providing great advice.
“Time is always a precious resource and we understand how long the product sourcing can take, especially for more complicated and sensitive cases. We’re always looking for ways to improve the sourcing experience for advisers and to make the process as more efficient as possible.
“This new feature creates several benefits for advisers; removes the need to rekey set up costs in the KFI request, supports advisers in delivering the best possible advice by factoring in cashbacks to achieve the true lowest cost to estate and therefore mitigates the wrong plan being recommended. All of which delivers on our commitment to simplify the advice process, support advisers and create better customer outcomes.”
