We talked to Nick Bamford from Informed Choice about his experience of Ascentric's Waterfall report feature and how it is helping him to give the answers his clients are looking for.
Why can't all platforms do this?
The benefits of Ascentric's Waterfall report
- Quick and simple support for your client review
- Show your client how well their portfolio is performing
- Take account of money in and out, shows the return gross and net of charges
Thoughts from Nick Bamford
"In a regulatory environment, dominated by the need to provide timely and clear answers to clients, the Waterfall report is a most valuable part of what Ascentric provides to the adviser."
When we carry out a client review we work to a 12 point agenda, examining all of their financial planning needs. This is a great opportunity for clients to sense check progress in their financial planning goals and objectives and to make suitable adjustments as necessary.
Only three of the 12 agenda items we use relates to the performance of their investment portfolio. That said, investment performance is clearly important and one of the subjects about which most clients have questions to ask.
As many advisers, I am sure, will agree - one of the questions most clients lead with is "How has my investment portfolio performed [in the last quarter/year or since we last met]?” A simple enough question but unfortunately not always an easy one to answer. This is simply because not all platform or product providers have a tool that easily calculates the answer.
Take Bill and his wife, for example. They have ISAs, individual General Investment Accounts and a Drawdown pension account. We meet with them twice a year and one of the things that Bill likes to do is to compare how well his direct equity funds (managed by him) compare with the funds over which we provide advisory services.
The Ascentric Waterfall report makes it really easy to answer that question. A few clicks of a mouse and I can go to the review meeting armed with the answers Bill is looking for. Not only can I provide an annual growth figure but I can also provide it over any period of time that he wants to examine – whether that is the last quarter, last year or even on a tax year by tax year basis.
The Waterfall report takes into account money in and money out and even shows the return gross and net of platform and adviser charges.
I'm not sure why all platforms can't do this so easily.