Client data processing has always been a perennial pain in the back office because advisers have to re-key the same information multiple times. A new deal between netwealth and IRESS plans to change that.
Platform provider netwealth and software solutions group IRESS are offering advisers 'straight-through processing' for new applications, cutting the need to re-key information and boosting back office efficiency.
Starting this month, advisers using netwealth, and the latest XPLAN release, will be able to seamlessly submit client information and product recommendations from XPLAN directly into the netwealth application system using XPLAN's IPS and eApplications Pass Through Facility.
Advisers can complete an SOA, open a netwealth application without re-keying information, and then send for a client's e-signature without the need to print anything.
Matt Heine, joint managing director of netwealth, said this solves one of the most common issues experienced by advisers and their staff, which is the lack of two-way integration between their platform and business software.
"The increased efficiency this will create for advice businesses is significant ... the process will lead to faster turnaround times and better client satisfaction," he said.
This integration will be progressively rolled out this month to advisers accessing dealer services from netwealth subsidiary Pathway Licensee Services.
The announcement came after a new Investment Trends adviser survey found that netwealth bested its platform rivals in terms of full functionality. To achieve the top spot, netwealth had to score well across 506 "key characteristics" available on 22 master trust and wrap platforms, according to the researcher's report.