An example of a micro-service that FinoComp offers is a capital gains tax calculator. “By automatically calculating clients’ unrealised and realised gains and losses, it enables both advisers and paraplanners to view and better advise their clients on their capital gains position,” says Dimitrova.
“Advisers can also use the tool’s tax optimisation functionality to quickly and efficiently demonstrate a range of options to assist their clients in making tax-efficient choices.”
But Dimitrova says that, ultimately, the concept of micro-services is not new. “They have been used by companies like Amazon, Uber and Netflix for a number of years now.
“But in the financial services sector, they are fast becoming transformational tools to help advisers free up their time and focus on nurturing a brilliant client experience.”
Chloe Cheung is a senior features writer at FT Adviser
