Midwinter launches product comparison feature

16 April 2020

Advice software firm Midwinter Financial Services has launched its new Product Comparisons feature in AdviceOS which will reduce research time while giving compliant product comparisons.

Product Comparisons used a proprietary algorithm to create hypothetical models based on a client’s risk profile.

This would create a report showing recommended and alternate products which can be used to demonstrate like-for-like research to support their recommendations.

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The tool worked across superannuation, pension and investment products, and would further be improved to include self-managed superannuation fund (SMSF) as well as scenarios around non-individual comparisons like companies and trust.

The new legislative changes to reduce the minimum required pension payment introduced in relation to COVID-19 was already reflected in Product Comparisons.

Ivon Gower, head of product at Midwinter Financial Services, said the new feature aimed to provide clear and concise analysis to generate statements of advice that suited client objectives.

“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,” Gower said.

“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.”




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