Advise Wise, a leading later life sourcing platform, is proud to announce the launch of its innovative Cost Calculator tool. This new feature empowers advisers to seamlessly compare key metrics of different later life mortgage products side by side for the very first time in the UK, to deliver highly informed and tailored advice based on the client’s specific circumstances.
The new Cost Calculator offers a comprehensive view of key financial details across multiple product options- from traditional mortgages to retirement interest-only and a variety of lifetime mortgages - whilst listing their payment schedules, interest roll-up and the total amount borrowed/owed throughout the loan term.
With this enhanced comparison capability, advisers can now easily identify and recommend the most suitable plans for clients, especially those with disposable income. The tool offers the ability to demonstrate the benefits of making regular payments over different time periods and shows how different payment scenarios affect the total amount paid, any interest roll-up and final loan balance.
This means the Cost Calculator is excellent for scenario building, allowing the advisor to create and visualise different financial outcomes through detailed tables and graphs, which are also available as a PDF download. This makes complex financial data digestible and easy to communicate to clients fulfilling the advisor requirements for Consumer Duty.
Aaron Conlon, Managing Director at Advise Wise, commented:
"Our new Cost Calculator is a game-changer, it equips advisers with the tools needed to provide bespoke advice, and by giving a full view of payments and interest across a range of products it ensures clients understand the long-term benefits and the financial implications of their chosen plans. It adds unparalleled depth to the sourcing journey, offering deeper insights to support advisers in delivering exceptional outcomes for their clients.”
He continued “In line with our mission to empower advisers to achieve more, we’ve integrated the Cost Calculator into the sourcing journey on our platform, as we continue to introduce innovative tools our members can rely on to provide flexible, personalised, and transparent advice."
This new feature is already available on the Advise Wise Platform and financial advisers can register for free at advisewise.com.
