The new data feed will enable multiple MPS, DFMs and funds within one investment proposition to determine availability and overall cost for comparison.

It will also facilitate better client reporting with past performance comparisons, cost analysis and platform/product comparisons.

The new feed incorporates MPS data directly from Morningstar and the DFMs.

Financial advisers will also be able to use Morningstar’s research and insights for their portfolio analysis.

Daniel Cheeseman, head of sales and marketing at Selectapension, said the new data feed is part of the software provider’s wider plans to improve its suite of tools.

He said: "This enhancement represents our ongoing commitment to equipping financial professionals with the best tools and data available. By leveraging Morningstar's renowned expertise, we are confident that this integration will significantly enhance the quality of advice and service our users can provide to their clients."

The software provider plans to add a research hub for advisers later this year.

Selectapension offers specialist online software for pensions and investments planning for Financial Planners and Paraplanners. Its range of tools includes pension switching, cashflow and drawdown strategies, investment switching, and defined benefit transfer.

The software firm was acquired by the Perseus operating group of Canadian technology company Constellation Software in December 2020. It was founded as a simple pension switching tool in 2004.