Advise Wise introduces new feature for product comparison across lifetime mortgages and RIOs for consumer duty

7 March 2023

Advise Wise, the advanced whole-of-market platform for later life products, has announced the introduction of a new feature for its members. The new addition complements the product search and allows advisers to easily see different products side by side and also download a comparison PDF, providing them with an easy-to-use tool for presenting and comparing product offerings to their client and fulfil the needs of Consumer Duty.

The product comparison is the market’s first comparison feature for later life plans and other mortgages and has been a game changer for advisers. The tool enables the comparison of Lifetime Mortgages with RIO or Buy-To-Let plans based on different criteria such as: interest rate, net loan, drawdown, price per pound, fees, product features, ERC notes, total amount owed.

By offering a product comparison tool, advisers can provide their clients with a more comprehensive understanding of the options available to them, helping them to make more informed decisions and ultimately help them reach the best outcome for their circumstances.

The addition of downloadable product comparison PDFs takes this feature to the next level. Advisers can now easily present a clear comparison of different products to their clients. The PDF format ensures that the information is easy to read, can be saved in the client’s case Documents section for future reference and can be consulted at any time. This feature is especially useful for advisers who work remotely or who want to share the comparison of the most interesting product options side by side with their clients via email or as a printed copy.

“With the FCA’s new Consumer Duty coming into force from July, we want to help advisers and give them the tools to comply with the upcoming rules and guidance. So we’ve listened to our members’ feedback to understand how we could improve the platform further and as a result of this we’ve introduced the product comparison with the option to download the comparison PDF, which we believe will be a ground breaking tool for advisers” said Jonathan Thirkill, CEO at Advise Wise.

He continued: “With this new feature we’re providing advisers with an easy way to present product information to their clients, in a clear and concise manner. This will help our members save time, improve their client relationships and ultimately, grow their businesses.”

The option to use the product comparison and download the comparison PDF is now available on the Advise Wise Platform for all registered advisers with an Advise Wise account.