The $28 billion wealth management firm awarded a mandate to a local fintech as it looks to enhance its client onboarding experience.
Shaw and Partners implemented LAB Group's white labelled client onboarding solution, LABform, to support financial advisers and desk assistants to originate domestic and international equity trading accounts for their clients.
LAB Group also activated additional products to facilitate digital onboarding for clients to Shaw and Partners' derivatives and portfolio service offerings, leveraging the platform's multi-product electronic signing capabilities.
The solution has resulted in accelerating registration and enabling electronic identity verification for individuals, companies and SMSFs across execution, general advice, sophisticated and professional investors.
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"We are delighted to partner with LAB Group and adopt their market-leading technology. Integrating the LAB Application Manager and LABform with our existing platforms will empower our advisers and their teams to save significant manual labour on processing and will facilitate the origination and population of new client applications more efficiently than ever," Shaw and Partners co-chief executive Earl Evans said.
LABform connects directly to Shaw and Partners' clearing and settlement agent, FinClear to sequence new applications with the relevant cash settlement bank account number and adds to the clearing and settlement account record.
"We're proud to be part of Shaw and Partners' growth journey and grateful for the opportunity to support its adviser and client network. Shaw and Partners is effectively leveraging multiple aspects of the LAB Group offering, deriving maximum value for the benefit of its clients and advisers," LAB Group chief executive Nick Boudrie said.
"LAB Group is excited to continue to develop this relationship as we deliver further integrations and innovations which will allow Shaw and Partners to continue to lead from