Capita unveils comparison tool to help advisers weigh up platforms

Capita Financial Services will launch a platform charge comparison tool next month as part of a two-year overhaul of its adviser software.

Comparator, to be launched in July, will help advisers break down the charges for platforms, including Cofunds, Skandia, FundsNetwork, Standard Life and the Seven Investment Management wrap.

The tool will use a reduction in yield calculation to help advisers compare providers based on the platform and fund charges. Capita has worked with platform consultant Holly Mackay, of The Platforum, to develop the tool.

‘Comparator has a lot of synergies with the Synaptic product and fund research, so we are in a good position to do this because of our experience,’ said Matt Humphrey, managing director of Capita Financial Software and founding director of Webline, which was acquired by Capita in January 2006. ‘There have been a lot of charges that are not particularly visible or transparent and that is why we had to work with platforms to be accurate.’

Capita Comparator will compete against Skandia’s Platformwatch and MarketWatch’s Adviser Asset tool. Such tools will help advisers meet the rigourous due diligence called for in the Financial Services Authority’s feedback paper to its thematic review of platforms.

Capita also plans to make a ‘significant’ investment in its adviser software over the next two years. Comparator will be the first stage of a roll-out of upgrades to quotation service Webline, back-office system Quay and comparison tool Synaptic.