Called Evince, the tool will do all the “middle bits” of the advice process, Partners Life managing director Naomi Ballantyne says.

She says it will help provide consistency of advice and should be welcomed by the regulators who want simplicity and transparency.

The Evince project started two years ago and Partners has put millions of dollars into its development. The lead designer of the Evince is Tim von Dadelszen who set up Life Direct which is currently owned by TradeMe.

Ballantyne says the tool is about advice and it doesn’t have any product information. Advisers who use it can choose whatever products they is not a sales tool

Ballantyne says it’s not a roboadvice tool. “We do not use robo advice ever, as it has connotations for replacing advisers.

Partners remains committed to the IFA market for its distribution.

She says if the company did not support IFAs “we would lose all our business”.

“We want to embrace advisers not replace them.”

Evince has been set up in its own company and Partners Life is prohibited from accessing any of the information put into it.

The licence to use it will be between Evince and advisers, however, Partners, as it built the tool will take liability for it.

Comprehensive training will be provided to advisers who use Evince and it will only be made available, for free, to Partners Life supporting advisers.