Abridged Advice

CTC’s abridged advice can help you get a ‘no’ at a lower cost now, focusing on cases that can transfer next to help you run a profitable and compliant DB transfer process.

 
 

Abridged advice is a technology for automating the first stage of the Defined Benefits (DB) Transfer process. If your organisation offers Defined Benefit Transfers advice (DB transfers), this solution is for you. CTC’s Abridged advice solution can help you to run a profitable and compliant DB transfer process.

It’s fully online and customer-friendly, greatly reducing the number of time advisers and PTS have to spend on telling customers “No”. This allows you to build up a big pipeline of clients and spend your time on the full advice process.

All customers go through the same comprehensive process meaning you have a complete audit trail that is free from any concerns of advisor bias.

 

About Abridged Advice

Imagine having your customer pay for a full DB transfer advice only to find out that they are unable to transfer. Not only can that be a bad reflection on your organisation because customers would already be spending a significantly high amount on something not suitable for their personal circumstances, but you would also be spending all those time only to find out you cannot proceed at the last minute. This in short wasted your time while it wasted your customer’s money. The last thing we want your customers to think is that your organisation isn’t capable of providing the good and right guidance, and therefore cannot be trusted for your expertise.

Our full DB transfer solution is the extension of the abridged advice, which means that our abridged advice tool can help you help your customers get an answer without paying for the full advice. This can help you save time and your customers save their money. By no means does this translate to abridged advice devaluing full advice. The graphic below shows how full DB transfer advice is the extended version of abridged advice.

 
 

Main features

Audit trail

Automated process

Faster process

 

Online answers

Reduced time

 

A fully online process to deliver abridged advice, supporting a self-directed customer process and minimising adviser involvement. It provides full interrogation and recording of:

✔ Attitude to and Understanding of Risks

✔ Capacity for loss

✔ Sources of retirement income

✔ In Retirement Budget Requirements

✔ Initial Recommendation for Review by Adviser & Client

✔ Generation of Draft Suitability Report

Assurance that the analysis is complete and delivered consistently.

 

Helping you give more high quality advices in less time

How you benefit

✔ A clear, effective low-cost way of identifying the DB Transfer “No”.

✔ Suitable for Individual cases and Bulk Transfer exercises.

✔ Member completes large part of ‘fact find’ online

i. Collects and stores large part of data for use in ‘full advice’.

ii. Scoring mechanism drives advisory outcome – extensive algorithms to drive conclusion.

✔ Leaves more resource and budget to apply to the ‘maybe’s’.

✔ Provides complete Audit Trail.

How your clients benefit

✔ Get a “no” for a fraction of the cost.

✔ The online intuitive view makes it easy to complete and understand the process.

✔ Save quotes, so members can complete the process in their own time.

✔ Receive a report that is tailored to members’ situations, reviewed by an adviser and pension transfer specialist.

 

Abridged Advice Walkthrough

What we cover in the walk-through of the Abridged Advice solution

✔ Fully automated

✔ Audit trail

✔ Responsive to mobile devices

✔ Consistent customer process

✔ Tailored customers report

✔ Access customer’s form

 

Need more reasons to offer Abridged Advice today?

✔ Cost is based on a per report basis, reducing your cost exposure.

✔ CTC can also provide the TVAS to support your process.

✔ Reports and UI are branded to your guidelines.

 

Hosting

Saving the cost and hassle of hosting applications, CTC typically provide its applications under a SaaS model. We are however equally comfortable supporting an on-premises deployment.

 

Download Abridged Advice brochure