Openwork has unveiled a new client bank segmentation tool as part of its RDR transition efforts.

The new tool provides advisers with analysis of client data that aids them in selecting the right business model and proposition. Client data from as far back as 2006 can also be downloaded and integrated, with the tool providing a range of analysis functions and utilities.

Openwork has also revamped its online cash flow modeller with the addition of existing ‘soft’ income streams. The enhancements allow advisers to understand the cash flow impact of moving legacy assets onto a platform and more effectively model inflows.

The latest developments are part of Openwork’s ongoing efforts to prepare IFAs for the changes the RDR will bring. The company recently began to move advisers to fee-charging business models ahead of the rollout of its network-wide transition programme.

Commenting on the new tools, Openwork programme director Phil Mogford said: “These latest enhancements to our RDR programme have been developed in consultation with advisers in our pilot trial and are designed to make it easier for them to move their clients across to fee-charging while understanding the financial impact of doing so. We will continue to work closely with our advisers to guide them step-by-step through the transition to the RDR and to ensure our support remains as pragmatic and comprehensive as possible.”