Astute aims to deliver broader product range for financial advisors

Astute, the financial services exchange, has enjoyed strong growth in the number of advisers using the platform to facilitate financial planning for clients.

In tandem with this has been increased demand for a broader array of product options from which to select on the Astute exchange. As a result, the company intends adding collective investment and banking products to its suite this year.

Following the release of its 2006 user survey results, Astute managing director Biddie Biddulph commented that: "Simultaneous growth in the user base and an increase in product expectancy levels took place in the context of significant industry events, the most important of which was the introduction of new legislation. The FAIS and FICA Acts required advisers to reassess their business conduct position in terms of adhering to the fit and proper requirements.

"It is against this background that Astute analysed its operations with a view to staying abreast of changing market demand."

Of Astute's user base of some 18 000 financial advisers, almost 53% are independent, with 21% acting for banks and 26% working as life office agents. Some 77% of Astute users conduct over half of all their policy transactions via the system.

Respondents indicated satisfaction with service levels, especially availability of the Astute website and communication with the company. In terms of product content, users were happy with the accessibility of policy information. While the survey indicated room for improvement with the needs analysis system and the completeness of policy information, most advisers believe that Astute adds real value to their practices.

Biddulph noted that there is significant scope for Astute to expand transactional usage by growing the range of products available on the system. This would require on-going product and point-of-sale training.

"Astute is used by advisers primarily for on-going client servicing and financial needs and portfolio analysis. In line with our approach to continually expand the product offering, the priority is to grow the number of investment products. In line with our continuous improvement strategy, we'll also strive to improve service levels."