A new functionality on the Praemium platform is helping financial advisers on-board clients more efficiently.
Praemium's integration with Iress' financial planning software Xplan enables advisers to initiate new applications more seamlessly.
The new functionality means the double entry of client information has been removed, and the time it takes advisers to complete a Statement of Advice and application form have been reduced.
Praemium chief commercial officer Mat Walker commented: "Praemium is continually looking for ways to improve our platform usability and to support our clients by improving business efficiency and reducing the administration burden."
"We are delighted to have partnered with Iress to deliver this functionality to our clients and create a highly efficient end-to-end digital application process."
Iress product executive for wealth Emily Chen said: "We're pleased to be able to offer direct account integration between Xplan and Praemium as part of our ongoing focus on increasing connectivity to create a simpler and easier experience for advisers."
Joint research by Praemium and Investment Trends found more than half (59%) of the 211 advisers surveyed administer a portion of client assets off-platform.
Many advisers still administer and report off-platform assets manually, spending almost twice as much time collating information for reporting compared to custodial platform assets and only report to clients twice a year on average compared to 24/7 online, the survey found.