DPR Consulting has launched a wealth management software component as part of its Personal Advisor fact-finding software package.
The UK-based Microsoft solutions partner says the new Wealth Manager component will make it possible for banks to offer a full online service to the mass affluent market. DPR says Personal Adviser's fact finding software makes it affordable for financial services organisations to provide personalised fund management service to a wider range of customers, covering investments in PEPs, ISAs, OEICs, investment trusts, Tessas, equities, guilts, bonds and cash.
The DPR package is designed to conduct an online fact find into customer assets, earning, investments and attitudes to risk. Investors can cross-check input and conduct 'what if?' calculations to ensure that they understand and are happy with the levels of risk involved in investments. They can also specify ethical investment preferences.
Richard Walbach of DPR Consulting comments: "Given banks' increasing focus on wealth management services for the 'mass affluent' market, we anticipate a growing market for this product. By using this sort of fact finding software, banks can avoid the large costs inherent in traditional offline personal investment services - in other words the expense of advisers going through clients' finances in personal visits."
He says the potential is also there to integrate the package with inhouse mortgage and insurance products.