Rebecca Lucas, a Paraplanner, Introduces Wrapcompare Platform Cost Tool for Financial Advisers

Rebecca Lucas, the director and owner of Lime Outsourced Paraplanning, has unveiled a new online tool aimed at assisting financial advisers in comparing platform costs. The tool, named Wrapcompare, is designed to provide a quick and efficient way for advisers to analyze and compare the costs associated with different platform providers. By inputting specific client details such as investment amounts, terms, and projection rates, advisers can generate projected values for each platform, taking into consideration various provider charges and adjustments.

The tool operates on a month-to-month basis, dynamically adapting tiered platform charges as investment values fluctuate. It also factors in minimum charges and charge caps specific to certain platform providers. While Wrapcompare offers a valuable service, industry experts note that similar tools exist, such as the one provided by research firm Fundscape through its Comparetheplatform website.

The increased focus on platform costs and charges stems from regulatory changes like Mifid II, which require providers to disclose fees in a transparent manner. However, critics argue that this flood of information may overwhelm investors. Andy Bell, the founder of AJ Bell, cautioned against selecting a platform based solely on cost, emphasizing the importance of considering the overall value proposition for clients.

Rebecca Lucas shared that the inspiration for Wrapcompare came from a personal need for a comprehensive platform comparison tool while conducting due diligence for a client. Recognizing the lack of suitable options in the market, she decided to develop her own tool to fulfill this need and assist other professionals in the industry. The platform also offers customization features, allowing advisers to filter providers, input bespoke charges, and apply any discounts negotiated with platform groups.

Throughout the development process, feedback from advisers and paraplanners was instrumental in shaping the tool’s functionality. By incorporating suggestions such as the ability to include bespoke pricing and apply filters for specific providers, Lucas aimed to create a tool that truly meets the practical research needs of industry professionals on a daily basis.

In conclusion, the introduction of Wrapcompare by Rebecca Lucas represents a significant advancement in facilitating cost comparisons for financial advisers. By providing a user-friendly and customizable platform analysis tool, Lucas aims to streamline the decision-making process for advisers and enhance the overall client experience in selecting suitable investment platforms.