The benchmarking tool, named MyMarketAnalysis provides information on how advisers’ product sales mix, business profile and fee levels compare with both the 50 closest firms in their area and the entire sector nationwide.
An additional function allows investors to analyse how sales of different products have changed in their region over time, which Matrix Solutions said should enable firms to adopt a more commercially successful proposition to compete within the market.
The service is available through the free website mylocaladviser.co.uk and requires registration that can take up to three days to verify.
Ian Beaumont, chief executive officer at Matrix Solutions, said: “MyMarketAnalysis gives advisers free access to a powerful market research tool at a time when other companies are raising their prices.
"By providing advisers with this type of information, we are confident that MyMarketAnalysis will be able to equip them with the data they need to develop a more informed business strategy post-RDR.”
The firm said its latest revamp providing access to even more detailed services comes just one week after competitor unbiased.co.uk announced a 69% rise in its membership costs, a mis-reported figure from previous media articles.
Unbiased.co.uk confirmed it has raised its prices after years of keeping them the same. For advisers looking to inclusion in its “Blue Book” directory, which links journalists with media-friendly IFAs and helps the intermediaries build up a press presence, the yearly membership is £399 plus Vat, up from £299 plus Vat.
This membership also gives the IFA an enhanced positioning on investors’ search listings for the area they work in and access to data about the people looking at their profile in a similar fashion to the premium service on Linkedin.
Lee Robertson, CEO at Investment Quorum, said of the MyMarketAnalysis service: “We have always been arrogant enough to set our own fees but you’ve always got to be mindful of what your competitors are doing.”