Lime Outsourced Paraplanning director and owner Rebecca Lucas has launched an online platform cost comparison tool.

Wrapcompare is said to be driven by a powerful maths engine which takes into account myriad provider charges and how these are applied, but it has been designed to be simple to use.

Advisers or Paraplanners add in a client’s name, how much they want to invest in each wrapper, the term and the projection rate (as well as optional adviser charges and fund costs) and the system does the rest – providing a projected value for each provider.

The calculations are done on a month-on-month basis.

The tool adjusts tiered platform charges as the value of the investment changes each month.

It also takes into account minimum charges and charge caps which apply to certain providers.

Other features include a filter function, allowing users to filter out providers, a bespoke provider function, allowing them to build their own charges in, and a discount function, which allows direct application of a discount to a provider.

Once a search has been run a PDF document can be retained for the file and audit trail.

The tool was developed by Gareth Thompson’s software development company Code Potato.

Ms Lucas said: “I had a lightbulb moment two years ago when doing the annual platform due diligence for one of my clients.

“I needed a way to clearly and easily compare costs of different platforms with different scenarios and there was nothing around that gave me exactly what I wanted.

“So I decided to build my dream tool both to give me the comparison tool I needed and in the hope it would help others too.

“The ethos of WrapCompare is that it had to be an accurate tool that is quick and easy to use. I wanted people to be able to pick this up from day one and start using it; it had to be intuitive without the need for training.”

Seeking feedback from advisers and Paraplanners, both clients and the wider adviser community, in the development stage was key, says Ms Lucas.

She added: “We had comments such as ‘What about bespoke platform pricing?’, ‘What about having a filter so we only search a set number of providers?’

“We’ve taken this feedback and made sure the tool can accommodate it. I want the tool to fulfil people’s needs so that it really helps them with their research on a daily basis.”