Lonsec has rolled out a new suite of product rating tools for financial advisers, called BIOmetrics.
Lonsec Research chief executive David Erdonmez said that the new tools are part of Lonsec’s broader Better Investment Outcomes program, and have been designed in response to the industry and government’s discussions regarding enhancing financial advice quality.
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According to Erdonmez, government and regulators have now restructured remuneration practices as well as increased adviser obligations related to personal financial product-based advice.
"Today, financial advisers are required to better assess the ‘fit’ between the financial products they recommend and their clients’ needs, preferences and tolerances.
"We are now arming advisers with the collateral to make more informed decisions in this regard," remarked Erdonmez.
The tools facilitate more client-specific product selection, by segregating products into three categories including Features and Benefits, Aggregated Risk, and Cost.
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By GlobalDataAll the categories include sub-metrics, such as Features and Benefits which will comprise assessments for complexity, tax efficiency, capital growth potential, income potential, liquidity and environmental, social and governance awareness.
