"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."
Selectapension is launching a new 'Rapid Reviewer' tool to help make client reviews of pensions and investments more efficient and cost effective.
Carrying out a client review at least annually is a mandatory requirement for MiFID II regulated products and is considered best practice across the industry.
A review provides an opportunity for advisers to reassess previous recommendations against clients’ current circumstances and review the performance of investments.
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.
Rapid Reviewer also includes a bulk upload feature which means it not only provides one-off reviews for individual clients, but can also produce multiple client reviews with minimal data entry.
Andy McCabe, managing director at Selectapension, said: “Judging from our customer feedback, 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.
"Rapid Reviewer solves this problem by enabling advisers to save time compiling investment information to make comparisons and demonstrate suitability.”