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Technology

Wealth firm gears up to change administrator

Acclaim Wealth is preparing to conduct a data migration for its AMG Super Personal Pension Division next week, involving approximately 6000 members with funds under management of $1.6 billion.

The migration will move these members from an old FNZ technology to a new SS&C platform called Acclaim Online.

Acclaim Wealth chief executive Terry Constable told Financial Standard this represents a significant member outcome as all members will receive a new login and have a completely different experience.

"On the new platform, we focused on improved reporting, increased self service capability, and functionality for members, delivering a new online communication and messaging service, ultimately increasing efficiency and decreasing processing times on requests," Constable said.

While the data migration will result in fee reductions for some members, the "ultimate goal" is to consolidate everything onto one platform, streamlining products and brands.

"We're organising several products to transition into our flagship, Acclaim Super, eliminating duplication of PDS's and compliance across multiple products by consolidating them into one. This reduces product overhead and streamlines administration; all operating under the same infrastructure," he said.

Predominantly an adviser-driven platform, he adds that it's crucial that the advantages for members extend to advisers, offering an interface with straight-through processing and the ability to run customised reports.

He said these features embody what's expected from a modern, well-conceived wealth management platform, all delivered through this SS&C technology.

"Before we went out to market, SS&C seemed best positioned to facilitate our future growth, especially with their expansion in the Australian market. This positions us well to benefit from their growth," Constable said.

"The $600 million they invest annually in technology research and development was very appealing."

Read more: Acclaim WealthSS&CAMG SuperAcclaim OnlineAcclaim SuperFinancial StandardTerry Constable