Melbourne based financial technology company CommCentral has launched Revex, a remuneration solution designed for advisers and dealer groups to manage revenue and Future of Financial Advice reform requirements.
The new web based software solution, Revex, provides management of commissions and fees combined with inbuilt rules based around the Future of Financial Advice (FoFA) module, including annual disclosures and opt-in.
John Brabender, director of CommCentral said with the current regulatory landscape changing, the pressure on dealer groups and advisers to provide cost effective and value added services to clients is increasing dramatically.
"In addition, there are demands for greater transparency, more timely delivery of information, service and communication," he said.
In response to this, Revex, has been designed to allow advisers to address the compliance demands of Future of Financial Advice (FoFA) and tailor the initial ongoing process of engagement and long-term management of fees.
Brabender said this solution enables advisers to more productively engage with their clients and provide services that can more specifically facilitate their marketplace offering and expertise.
"It will free up much of the internal and operational resources advisers currently use to manage and allocate fees and remuneration related activities."
Brabender believes that Revex represents the next generation system where fee for advice will be the industry norm.