The Lang Cat has added a new functionality to its Analyser reg tech software, aiming to support advisers with the justification needed when recommending and evidencing client platform switching.

The consultancy noted that as more assets were moving around platforms as the sector matures, its new feature will look to assist in demonstrating fair value and client suitability when recommending transfers, as is required under the Consumer Duty.

Furthermore, the functionality will integrate with strategic-level due diligence a firm has already completed.

The Lang Cat’s Analyser is an independent platform and managed portfolio service (MPS) comparison tool, which aims to help advisers made the best decisions for clients and comply with regulatory demands.

The consultancy said its new feature would enhance the process if advisers were recommending a client moves from one platform to another, providing templated justifications for platform recommendations.

Analyser has also introduced a ‘Provider Introduction’ feature, which allows advisers to refer themselves to providers they want to speak to, based on their research or shortlisting, with the data and contact strictly between the adviser and provider.

"The sector continues to defy expectations with high inflows, with money moving around platforms a major factor,” commented The Lang Cat digital director, Terry Huddart.

“There’s a dearth of support for advisers working in this environment which can be challenging, especially when the decision to move a client between platforms is more nuanced and not solely based on cost. Our new solution is designed to integrate with ongoing strategic panel selection and support advisers with a compliant, fully audited and time-saving methodology.

“We’ve also launched ‘Provider Introductions’ on the back of demand to facilitate contact where an adviser is interested in speaking to a provider having already conducted research and analysis.

“It is 100 per cent opt in by users and will make the selection process smoother for everyone in the value chain.

“Through Analyser, we’re keen to provide an alternative to provider funded sales prospecting models where advisers often find themselves bombarded with unsolicited sales after they’ve viewed a provider on a piece of software. Our tool should support genuinely fruitful conversations.”

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