Midwinter has launched a new Product Comparisons feature in AdviceOS that automates the
selection of comparison portfolios while helping advisers meet their best interests duty.
Sydney, NSW: Today, Midwinter Financial Services, a leading provider of financial advice software, announced the launch of a new Product Comparisons feature that reduces the time it takes advisers to conduct in-depth product research to under 30 minutes.
Product Comparisons uses a proprietary algorithm to create hypothetical models based on a client’s risk profile. The results are populated into a best interests matrix where advisers can easily compare existing, recommended and alternative products. Advisers can also generate a report to demonstrate like-for-like research and support their recommendation.
This tool works across superannuation, pension and investment products and will soon support superannuation to SMSF comparisons as well as scenarios around non-individual comparisons including companies and trusts.
“Product Comparisons aims to provide clear and concise analysis to help advisers generate SOA aligned to their client’s objectives,” said Ivon Gower, Head of Product at Midwinter Financial Services.
“Using Product Comparisons, advisers can run a like-for-like comparison across a range of product replacement scenarios in minutes, and generate comparisons based on matching portfolio balances and composition across platforms. They can also run a simple balance projection on each of their existing and proposed portfolios to show the impact of fees over time.”
“We have designed Product Comparisons to support the safe harbor provisions so advisers can be confident they are recommending products that are in their clients’ best interests,” Gower said.
For advisers running pension comparisons, the new legislative changes to reduce the minimum required pension payment introduced in relation to COVID-19 are already reflected in Product Comparisons.
Product Comparisons is part of Midwinter’s AdviceOS software package, a financial advice solution used by advice practices across Australia.
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Midwinter is an innovative financial advice software company based in Sydney, Australia. Founded in 2006 and acquired by financial technology giant Bravura in 2019, Midwinter’s cloud-based SaaS solutions improve efficiency, scalability, compliance and client engagement for hundreds of Australia’s leading advice practices, wealth management and superannuation firms.
Midwinter is focused on providing simplicity to the financial advice market by developing user-friendly technology that simplifies compliance and the provision of advice and supporting advisers through our friendly local team.
Midwinter – brilliantly simple advice technology.