MorganAsh has enhanced the MorganAsh Resilience System (MARS) to now present vulnerability data for households, as well as for individuals.
The upgrade aims to better reflect vulnerabilities within families, with many financial decisions made for a family rather than for each individual separately.
Mortgages, joint life insurance, property insurance and retirement planning are all typically undertaken for family units.
MARS provides an objective method to measure consumer characteristics, generating a Resilience Rating – much like a credit score.
This enables individual data and family data to be collated in a consistent manner.
With the new update, MARS provides a combined Resilience Rating for each family member and for the household.
This may include children and reflect, for example, a disabled child and caring responsibilities – as well as the vulnerability characteristics of the parents.
When circumstances change – such as if parents divorce, or one party moves into care – then this is reflected in the combined Resilience Rating for the family, as well as the individual.
There is also the ability to move individuals to different family groups and premises.
The move also endeavoured to help to solve intergenerational planning issues, enabling advisers to properly engage with the children or beneficiaries following the passing of their parents.
Andrew Gething (pictured), managing director of MorganAsh, said: “Many financial transactions are undertaken on a family basis and often, family units compensate for the vulnerabilities of others.
“While an individual may well be resilient – they might also be caring for a disabled child or elderly relative; this can impact their own resilience and needs to be taken into account in any financial planning or servicing.
“This upgrade to MARS links this premises-level data with individual data – so both can be used and compared.
“This is an important step in progressing towards data portability and the sharing of vulnerability data between firms.
“Understanding and being able to monitor at both an individual and a household level reflects the real world and is a powerful new addition to the MARS platform.”
