"By giving a full view of payments and interest across a range of products it ensures clients understand the long-term benefits and the financial implications of their chosen plans. "
- Aaron Conlon, managing director at Advise Wise
Later life sourcing platform, Advise Wise, has launched a new Cost Calculator tool. This new feature enables advisers to compare key metrics of different later life mortgage products side by side.
The calculator offers a comprehensive view of key financial details across multiple product options- from traditional mortgages to retirement interest-only and a variety of lifetime mortgages - whilst listing their payment schedules, interest roll-up and the total amount borrowed/owed throughout the loan term.
Advisers can now easily identify and recommend the most suitable plans for clients, especially those with disposable income. The tool offers the ability to demonstrate the benefits of making regular payments over different time periods and shows how different payment scenarios affect the total amount paid, any interest roll-up and final loan balance.
This means the Cost Calculator is ideal for scenario building, allowing advisers to create and visualise different financial outcomes through detailed tables and graphs, which are also available as a PDF download. This makes complex financial data digestible and easy to communicate to clients, fulfilling adviser requirements for Consumer Duty.
Aaron Conlon, managing director at Advise Wise, commented: "Our new Cost Calculator is a game-changer, it equips advisers with the tools needed to provide bespoke advice, and by giving a full view of payments and interest across a range of products it ensures clients understand the long-term benefits and the financial implications of their chosen plans. It adds unparalleled depth to the sourcing journey, offering deeper insights to support advisers in delivering exceptional outcomes for their clients.
“In line with our mission to empower advisers to achieve more, we’ve integrated the Cost Calculator into the sourcing journey on our platform, as we continue to introduce innovative tools our members can rely on to provide flexible, personalised, and transparent advice."
