FundsLibrary, the online database created by Hargreaves Lansdown, is adding a life and pension fund fac-ility in addition to the online index of mutual funds.
The life and pension facility is being developed by a working group consisting of Axa, Friends Provident, Legal & General, Norwich Union, Standard Life and the ABI.
FundsLibrary is set to be launched at the end of Q3/Q4 and the life and pension platform is expected to be ready early next year.
Managing director Stuart Louden says the transparency of the mutual fund sector means that access to information for intermediaries and clients is already strong, allowing advisers to provide added value to client portfolios.
Louden says that in reality, many clients' assets lie in life and pension plans but there is little autom-ated, clear and efficient information available to advisers on this area.
He says: “Life and pensions are marketed as products and often the fund aspect is seen as secondary but it should be at the forefront of people's minds.
“With the onset of regulation, depolarisation and Sandler, advisers need to look at the whole of portfolios and justify their advice. They will need quality information to do this.”