"With an increasing amount of plans offered on the market with different rates, features and cashback options available, it's become more tricky to see which plan offers the best value."
The feature calculates the projected total amount owed at term and divides it by the amount the client receives after all fees, including solicitor and advice fees as well as any cashback.
The new feature, incorporated into the Advise Wise product search, allows the adviser to clearly see which plan has the best value for money for the customer.
Advisers can now take into account how much the client is borrowing, factor in cashbacks to the loan, see their true cost and therefore best long term value to their estate, making it easier to recommend the best outcome for the client.
Benjamin Clarke, head of research and development at Advise Wise, commented: “With an increasing amount of plans offered on the market with different rates, features and cashback options available, it's become more tricky to see which plan offers the best value. The Advise Wise Platform is the easiest place for advisers to find the best deal for the client, thanks to the numerous innovations recently introduced. Plus it’s the only platform that allows you to understand and sort your product search results by the net lump sum, which is the amount after all fees and cashback is paid.
“Our mission is to simplify and streamline the advice process for later life advisers using innovative technology. The price per pound figure is another example of Advise Wise using technology solutions to ensure better customer outcomes and an easier advice process for advisers. It's one of the many innovations we’ve launched in the last year and we look forward to being able to help both advisers and customers further in the future, given our aggressive technology roadmap through 2022.”
