New research suggests advisers are increasingly using sourcing platforms as broader advice tools rather than purely for product selection.
One in five advisers now use sourcing platforms to access tools designed to improve client conversations and outcomes, according to the latest research from Advise Wise.
The study, based on a questionnaire sent to the platform’s registered advisers, examined how sourcing systems are being used beyond their traditional role in product sourcing and key fact illustration generation, particularly in later life lending.
As expected, product sourcing remains the primary use, with 75% of respondents saying they rely on platforms to identify suitable solutions. More than half, 53%, also generate key fact illustrations directly through sourcing systems once an appropriate product has been found.
VARIETY OF FUNCTIONS
However, the findings show that advisers are drawing on a wider range of platform functions. Around 30% said they use sourcing platforms to access resources, rates and market updates, while 28% rely on them for fact finding and evidencing suitability as part of the advice process.
More notably, 21% of advisers said they use sourcing platforms to access tools and calculators, such as affordability and repayment modelling, to support client discussions and help deliver better outcomes. A further 20% use platform tools to carry out state benefit entitlement checks, while 8% turn to them for vulnerability assessment support.
The research also highlights the role platforms play in navigating criteria and property-related checks. 15% of advisers said they use sourcing systems to carry out flood risk and property checks before submitting an application.
Jonathan Thirkill, chief executive officer at Advise Wise, said: “At a time when the use of technology in the advice process is increasingly important, our research underlines the ways that sourcing platforms can enhance the advice journey far beyond simply researching products or streamlined KFI creation.
“Whether it’s resources and tools, or evidencing and vulnerability assessment support, using a trusted and effective sourcing partner undoubtedly adds value and aids delivering good consumer outcomes.
“With 84% of surveyed advisers looking to invest more of their time in later life lending this year, we look forward to continuing to evolve to support their commitment to advising, and delivering for, their clients.”
