More than one in five (21%) advisers have used sourcing platforms to access tools and calculators to aid in client conversations and deliver better outcomes, Advise Wise has revealed.

The latest research by the later life sourcing platform highlighted the number of functions that sourcing platforms perform outside of product sourcing and key fact illustration (KFI) generation, as well as the value that can be added to the consumer journey among later life borrowers.

Advise Wise said that 75% of respondents used sourcing platforms for product sourcing, while 53% generated KFIs directly through sourcing systems after finding appropriate product solutions.

However, the platform found that the variety of uses extends beyond these two primary functions, with 30% of advisers claiming to access resources, rates and market updates through sourcing platforms, while 28% use them for fact finding and evidencing suitability.

Furthermore, 20% said they used the tools on platforms to aid them in performing state benefit entitlement checks, while 8% turned to sourcing platforms for vulnerability assessment support.

Chief executive officer at Advise Wise, Jonathan Thirkill, concluded: “At a time when the use of technology in the advice process is increasingly important, our research underlines the ways that sourcing platforms can enhance the advice journey far beyond simply researching products or streamlined KFI creation.

“Whether it’s resources and tools, or evidencing and vulnerability assessment support, using a trusted and effective sourcing partner undoubtedly adds value and aids delivering good consumer outcomes. With 84% of surveyed advisers looking to invest more of their time in later life lending this year, we look forward to continuing to evolve to support their commitment to advising, and delivering for, their clients.”

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