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Almost 60% financial advisers struggle to complete all tasks in a day.
Intrinsic has teamed up with independent software provider, Defaqto, to develop a new unique comparison service for advisers to compare critical illness policies.
The tool allows Intrinsic advisers to compare new and historic individual and business cover policies. The reports generated include the rating views of highly qualified and independent experts, so advisers and their clients can ensure they are getting the best CI policy for their needs.
The tool adds to Intrinsic’s suite of tools designed to make an adviser’s business highly efficient. New research shows that time efficiency is a challenge for advice firms, with 60% (59.9%) saying they find it hard to complete all their tasks in a day, compared to a national average across workplaces of 53%, according to YouGov research.
“The market for critical illness policies is continually developing and it can be tricky to ascertain which policies are more favourable for clients without medical expertise. With a myriad of things to keep track of, advisers are pushed for time. With the new tool advisers can quickly and confidently compare the differences between complex policies based on the most common causes of UK claims in 2017. With oversight from independent experts, advisers and their clients can rest assured that they are getting a policy that suits their needs and time of life.”
“We are delighted to have worked closely together with Intrinsic to develop a critical illness comparison (CIC) tool for financial advisers. The Defaqto CIC tool helps advisers create suitable outcomes for clients through comparing historic illness definitions of an existing policy with a new one. Our clear and robust methodology, designed by Defaqto and industry experts, enables advisers to quickly and easily compare current and historic cover, all documented in a clear audit trail.”
Intrinsic is part of Old Mutual Wealth.
Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Old Mutual Wealth oversees £131.3 billion in customer investments (as at 30 September 2017).
It has an adviser and customer offering spanning: Financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.
Old Mutual Global Investors (‘OMGI’) is the asset management business of Old Mutual Wealth with £39.8bn funds under management (as at 30 September 2017). On the 19th December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals.
Following managed separation from Old Mutual plc, Old Mutual Wealth will rebrand to Quilter plc. Each of the businesses within the Quilter Plc group will be rebranded over a two-year period, with the exception of Quilter Cheviot, which will retain its existing name.
Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million (as at 31 December 2016) customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This press release is for journalists only and should not be relied upon by financial advisers or customers.
This communication is issued by Old Mutual Wealth Management Limited, a Private Limited Company (Company Number 0604270), Old Mutual House Portland Terrace Southampton Hampshire SO14 7EJ.