FinPal integrates broking capabilities

FinPal will add functionality for mortgage brokers to its software to accommodate for the increasing overlap of broking with financial advice.

The next release of the FinPal software will seek to bridge the gap created by advisers and brokers using different, disconnected software systems, resulting in disjointed client experience.

FinPal chief executive Stephen Handley said: "There has always been significant overlap between the worlds of financial advice and mortgage broking. Over the last few years, we've seen an increasing effort to integrate these services and offer consumers a one-stop-shop. Unfortunately, the integration generally stops at the sign on the door."

Handley said FinPal will become a full featured solution for brokers, with plans to build a capable, data-centric software system.

"Because data required for advisers and brokers is almost identical, it is relatively easy for us to add support for the lending industry," he said.

The initial release will focus on automated workflows and support for mortgage commissions, with data specific to the mortgage industry also flowing through to existing features such as the client portal and document generation system.

In future, FinPal plans to integrate complementary technologies similar to its recent partnership with Moneysoft.

"Supporting a vibrant ecosystem is a core philosophy. Connecting to other systems enhances the ability of our customers to automate the acquisition and analysis of data, reducing the time and cost of service," Handley said.

"Having the opportunity to start adding these features now will allow us to deliver to increased efficiencies and cost savings sooner than anticipated."

FinPal is a fully integrated financial planning software system helping financial advice businesses increase profitability, improve client engagement & satisfaction, enhance team performance & reduce business risk.

Read more: FinPalfinancial adviceStephen HandleyMoneysoftfinancial planningfintech
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