Whether a platform has a capital gains tax calculator or not is one of the top 10 most-searched features in advice professionals’ platform due diligence and suitability exercises, according to user data from the lang cat’s Analyser due diligence tool.
And what may be seen as a surprising inclusion in the top 10 could become an even more important factor for advisers after Jeremy Hunt announced last November the capital gains tax allowance will be reduced from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024.
Other interesting inclusions in the top-10 most-searched-for features in platform due diligence exercises are flexi-access drawdown and the lang cat’s own pricing overview.
There are further intriguing data points in the top 20 most-searched features. They include whether a platform has: links with intelliflo office, joint accounts, offshore bonds, Junior ISAs, or onshore bonds.
The lang cat’s Analyser tool utilised by more than 3,000 users to help them complete platform and MPS provider due diligence exercises. The online tool houses more than 11,000 ever-evolving data points across 30 MPS providers and 27 adviser platforms, with almost 500 data points on platform functionality and business, let alone those on pricing.
Combining user data with the lang cat’s own platform and regulatory expertise, advice professionals will now be able to complete due diligence and suitability exercises much quicker as Analyser launches ready-made templates to help kick-start user reports.
Sifting through hundreds of data points can be complex and confusing and the new templates will help highlight the best platforms for certain themes and client segments. Users can also customise their templates to their heart’s content to best fit their suitability research with their business’s needs.
Analyser is initially launching the three types of templates to help advisers compare and contrast platforms.
Business and analysis templates:
· Scale and profit
· Service quality
· AKG
Feature templates:
· Sophisticated investors
· Accumulators
· Approaching retirement
Pricing templates:
· Sophisticated investors
· Accumulators
· Approaching retirement
Terry Huddart, Head of Proposition at the lang cat, said: “We’ve created these templates in response to feedback from users who want to tap into the expertise of both their peers and the lang cat and may find starting from a blank sheet of paper challenging. There are many areas of proposition to assess in platform due diligence and suitability, in addition to looking at the business and cost.”
“Platform suitability can be a time-consuming business. They are offering up more functionality than ever, which means there’s more data to assess and it can be an intimidating exercise when you’re not sure where to start. These templates offer a foundation and allow advisers to spend more time with their clients.”
