Collidr has launched a free-to-use digital portfolio assistant for advisers, which has been described as an "interesting development" in a sector where FE Fundinfo and Morningstar dominate.
AdviserSoftware.com founder, Ian McKenna, described the launch as an “interesting development in a sector where there are several players but there are two, FE Fundinfo and Morningstar, who dominate”.
He described the new Noxai user interface as “particularly refreshing”, and said that the ability on the premium version to give different users different levels of access “will have attractions”.
However, he argued that a critical question in assessing any new system is going to the extent of integrations with other parts of an advisers tech stack.
“Are advisers going to need to double key data with the associated error risks,” he asked.
McKenna also cautioned that it will be important to understand the business model they are using as “there’s a saying in the digital world, 'if something is free, you are the product'.”
“There can be situations where this approach works and organisations can leverage insight and data they obtain by offering services free,“ he explained.
“Obviously the free version will have attraction to some advisers although even the pricing of their premium product, at between £90-£140 per month, for up to 10 uses will be attractive.
“At this time we understand the tool to be a monitoring function but it doesn’t currently compare portfolios. That’s probably something they should consider adding to the roadmap sooner rather than later.”
Collidr said the initiative will offer features such as portfolio healthmchecks, so that users can keep tabs on performance and risk, portfolio projections, and white label reporting, allowing creation of customised dashboards of portfolio information.
Additionally, Noaxi allows users to design and deliver automated market commentary and portfolio reports to their clients and receive real-time 24/7 alerts for any portfolio issues.
Collidr CEO, Symon Stickney, said: “Right now, total on-platform funds under management in the UK is around £722bn, but only £131bn is in discretionary managed solutions.
“The lion’s share, around half a trillion pounds of client assets, is in advisory portfolios.
“These assets simply are not getting the full attention they deserve, because managing those portfolios in the current regulatory environment has become much harder. We decided to change that.
“We developed Noxai to offer intelligence-led technology that makes it easy and cost effective for adviser firms to build, manage, and track all their portfolios under one roof, as well as offering added-value interaction analytics and tailored client reports.”
With the free version, up to three users can create 100 different portfolios, selecting them from more than 100,000 funds and ETFs.
In addition, depending on the final plan selected, the tool also offers customised user roles, bottom-up portfolio attribution, health check alerting, and portfolio and funds stress testing.
This information can then be used to create market and portfolio performance commentaries, custom portfolio factsheets, and fully automated batch factsheet production.
