Software: The Pension Performance Review Solution
The Pension Performance Review Process is a software system designed specifically for advisers wanting to write pension transfer business to wraps. Currently the software integrates with Skandia Life and Skandia Investment Solutions, with more providers coming on stream over the coming months.
The software has been designed to cover the complete pension transfer process and offers so much more than the typical pension transfer systems on the market today. These tend to be glorified cost comparison tools which are often at odds with advisers looking to recommend wraps.
At the Pension Performance Review company, we agree with forward thinking financial advisers that a true pension transfer report should not have an over focussed approach on cost. Value should be the key driver in making pension transfer decisions, and value is much harder to quantify than cost.
To really assess value, all aspects of the client’s current pensions must be compared with all aspects of the proposed provider to give a true picture of the relative merits of transferring.
Not only does this help show the client exactly how you have made your recommendation, it also satisfies compliance requirements that state that you must carefully evidence all analysis and reasons why you have recommended a transfer, especially where a more expensive pension has been recommended, should this be the case.
The approach taken by the Pension Performance Review Process is to take the client through each aspect covered, explain what is meant by technical terms and why certain things are important. It then shows a clear comparison that adds to the evidence for or against a pension transfer.
This focus on explaining all aspects of importance in relation to pensions, means that the client suitability reports are more detailed and comprehensive than any comparable system. Comprehensiveness should not be confused with complexity as the suitability reports generated are written in plain English and explain what things mean before explaining any recommendations.
How many clients have read a suitability report and not ever really understood what 'with profits' or 'guaranteed annuity rates' are, for example? The Pension Performance Review client reports explain these things so a client can feel empowered to make a decision on any proposed pension transfer.
The Pension Performance Review Process is aimed at clients that advisers believe are suitable for a wrap proposition.
The Next Step: The Pension Performance Review Reports.