Prudential has launched its new Prudential Portfolio Planner into the IFA market The online tool uses stochastic modelling to help IFAs prepare investment recommendations for clients and includes features such as creating a customer risk profile.
The risk profiling is followed by a series of questions as part of the needs' analysis, covering growth or income goals to provide a model investment portfolio. A full audit report is provided, with reports produced for IFAs to brand or use in suitability letters.
The tool also includes non-Pru funds, to allow alternative fund managers to be added and included in the modelling. It covers investments and savings, with drawdown contracts to be added shortly.
The Pru describes the planner as a “big advance” on traditional online investment calculators, which it says only provide a single estimate of the final results, such as a savings goal or a pension income. The tool calculates thousands of scenarios to provide a consolidated graphic report.
Investment development manager Graham Crockford says: “The interactive graphics will help IFAs to improve their clients' understanding of investment risk. It allows different scenarios to be tested, discussed, then saved and revisited at a later date.”