Accessing Products Like This tool
You can access the Products Like This tool (PLT) from two access points:
- Direct from the menu Tools > Products Like This; or
- When in other areas of iRate, where you see this green icon
you are able to send that product direct to PLT to begin a search for similar products
STEP 1 – Select the Base Product
In the pop-up box enter the name, or code, of the product you want to find comparable products for e.g. ABC Fund
STEP 2 – Matching Criteria
Select up to three Matching Criteria on which to conduct a search for alternative products to the base product you selected . The options cover fees, performance returns and the ESG process score.
STEP 3 – Select any additional Filters
Use the additional filters to help refine your search criteria to ensure products available to you and align with your clients investment objectives are returned.
For example, search for products which exclude a particular industry using Portfolio Exclusions, select the platform the investment will be made or restrict the search to your APL you may have saved as a Product Group.
Some filters are set by default, such as to search for products in the same sector and sub-sector, open funds only and with the same or higher rating. These can be changed by you as required for your search.
STEP 4 – Viewing the similar products
The tool will then return all products which meet the matching criteria you selected and any additional filters you applied. The returned products are ranked closest match at the top of the table.
Learn more about the matching criteria parameters we apply here.
The table shows the data for each of the Matching Criteria and Filters you selected alongside access to the Product Profiles and Research Reports.
This table can be exported into Excel and Word, or the products can be saved to a new or existing Product Group.
From the results table select up to four products to run a more detailed side-by-side comparison; tick the box to the left of each product you want to compare and then click on ‘Add to Comparison’.
STEP 5 – side-by-side comparison of shortlisted products
The side-by side comparison allows you to do a deeper dive review comparing the products against a number of characteristics and product attributes, such as investment objective, performance track record, portfolio exclusions, style and asset allocation.
Add or remove attributes from the table using the Custom Data Points drop down box.
If you would like to do more with the products in the side-by-side comparison you can send them to Product Search, Quantitative Analysis, or if you’re ready to make a replacement in your portfolio send it to Portfolio Construction.
Once you are comfortable with the comparison, you can highlight the product you are recommending by clicking on the ‘Recommended’ tick box at the top of the table.
The Performance Charts tab provides a visual comparison of the selected products, analysing them versus a number of performance and risk characteristics.
There are four charts shown on screen by default; add more using the ‘Add a Chart’ button or to replace one already showing on screen click on the drop-down menu showing the chart name.
STEP 6 – create a report for your client files
The product comparison table and charts can be exported into a report ideal for appending to a client file, showing the product attributes and any charts you wish to include in the report.
Once you click on ‘Generate Report’ you can add your clients name and add your own commentary as to why you are recommending replacing Product ABC with Product XYZ for example.
As with the Portfolio Reports you are also able to co-brand with your logo.
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