The online tool will help financial advisers make client pensions and investments reviews in a “more efficient and cost-effective” way, the firm said.
As this is mandatory at least once a year under Mifid II, the Reviewer was created to help with the task.
The tool’s “bulk upload feature” will allow advisers to both create one-off reviews and produce several client reviews that require minimal data at the same time.
Compare and contrast
According to Selectapension “the output generated by Rapid Reviewer will show fund performance of an existing portfolio in comparison with similar funds taking into account retrospective charges”.
“It will expose poor performing funds as well as highlight the best performing funds.”
Managing director Andy McCabe commented: “The most frustrating part of producing a client review is the time taken to gather data from providers, and then adapt it into a standard format for analysis.”
The online tool is expected to significantly cut down the amount of time financial advisers spend in compiling customer reviews, expediting the data collection and analytical processes.