Advisers utilising sourcing platforms to improve client conversations and outcomes 

New research has highlighted the variety of functions that sourcing platforms perform outside of product sourcing and key fact illustration (KFI) generation, and the value that they can add to the consumer journey among later life borrowers.

As part of a questionnaire recently sent to Advise Wise’s registered advisers, respondents were asked what they used sourcing platforms for – unsurprisingly, 75% said they used it for product sourcing, while 53% generated KFIs directly through sourcing systems after finding appropriate product solutions.

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

21% of those surveyed professed to using sourcing platforms to access tools and calculators (such as those to demonstrate affordability and repayment modelling) to aid in client conversations, and delivering best outcomes. Additionally, a further 20% used the tools on platforms to aid them in performing state benefit entitlement checks, while 8% turned to sourcing platforms for vulnerability assessment support.

The research also highlighted how sourcing platform resources can help when it comes to criteria, with 15% of surveyed advisers performing flood risk and property checks prior to submitting an application.

Advise Wise CEO, Jonathan Thirkill, commented: “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.”