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Defaqto launches pension switching tool with risk profiling and research functionality

15 January 2020

Defaqto has added pension switching to its end-to-end financial planning tool, Engage Core, with a module that allows advisers to compare multiple pension switching scenarios, including partial switches, in an efficient and compliant way.

Defaqto says the new tool is designed to help advisers to deliver suitable advice as well as to bring consistency to advisers and their clients across the pension switching process. It is an optional module that offers integrated risk profiling and product, fund and platform research functionality, providing greater levels of detailed insight to advice firms and their clients.

The tool is aligned with Defaqto’s ethos to give advice firms a range of functionality within one, easy-to-use solution, enabling the benefits of a unified methodology across the advice process.

Defaqto said the tool will save time for advisers by reducing the need to re-key the same information across multiple systems. Engage Core’s pension switching module is fully integrated with Defaqto’s risk profiling, product and platform research, fund selection, suitability reporting and ongoing review functionalities.

Advisers can select from over 800 Defaqto risk-rated funds and managed portfolio services or choose their own central investment proposition.

Commenting on the launch, Paul Dagley-Morris, chief technology officer at Defaqto, said the streamlined process delivered by the tool “will improve efficiency in DC pension switching, allowing advisers to provide better client outcomes, reducing costs and time spent on the switching process.

“Our aim is to ensure that advisers have access to the highest level of insight and technological capability required to help clients navigate the pension switching journey successfully.”

More details on the tool can be found here.

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