Platform provider Parmenion has launched a new reporting tool to help advisers meet their PROD requirements.
The tool, named Vantage, will provide advisers with up-to-the-minute data on an information management dashboard, enabling them to identify patterns in their clients’ investment choices including a breakdown of total assets under management. Advisers will be able to analyse their client base by average age, amounts invested, the risk grades selected and the investment solutions and tax wrappers favoured.
The dashboard will also provide advisers with an overview of trends within the firm’s overall performance to identify risks and opportunities, allowing firms to look at results both at firm level as well as individual advisers.
Since its introduction in 2018, the FCA’s PROD rules have sought to ensure that investment products and solutions recommended to clients are suitable and meet their needs. Advisers are expected to show they have a clear target market and can clearly identify their distribution strategy.
However, Parmenion says many adviser firms have struggled to demonstrate that they meet these regulations, in large part due to the need to examine client data and link governance to outcomes.
Laura Barnes, head of intermediary distribution, Parmenion, comments: “We are very proud of our achievement in building the Vantage reporting system. Our focus is making business for our partner firms as straightforward and efficient as possible.
“Our data capabilities have always been accessible to clients behind the scenes but with Vantage the power to cut and use that data is now in their hands.”
