Advise Wise has introduced a feature on its later life sourcing platform, which allows for all set up costs to be incorporated directly into a user’s search.

As part of the amendment, users can now enter their advice fee and the solicitor’s fee, and specify whether these are to be added to the loan, deducted, or paid from the client’s own funds.

Once this step has been completed, the platform then factors the setup costs in the research, and includes them automatically on the KFI, once it is requested through the Advise Wise platform.

Advise Wise extends KFI feature to Just lifetime mortgage range

Advisers using the service can edit the fees at any time during product sourcing.

The platform also allows advisers to factor in any cashback, a client’s desired net loan amount, and includes an interest roll-up table for each product.

Craig Faulkiner, head of distribution at Advise Wise, said: “We’re pleased to announce this latest platform enhancement that further simplifies the product sourcing for advisers.

“Time is always a precious resource and we understand how long the product sourcing can take, especially for more complicated and sensitive cases.

“This new feature creates several benefits for advisers; removes the need to rekey set up costs in the KFI request, supports advisers in delivering the best possible advice by factoring in cashbacks to achieve the true lowest cost to estate and therefore mitigates the wrong plan being recommended.

“All of which delivers on our commitment to simplify the advice process, support advisers and create better customer outcomes.”