Signalling its view that opt-in is a foregone conclusion, financial services technology provider IRESS has announced it will incorporate opt-in functionality in the next round of upgrades to its advice platform, XPLAN.
The team at IRESS says it will extend the existing practice management functionality within XPLAN to help advisers automate the opt-in process, proposed as part of the Government’s Future of Financial Advice reforms.
Aaron Knowles, IRESS Wealth Management Product Manager, said it was highly likely the opt-in reform would be legislated. “While the detail is yet to be finalised, we anticipate that opt-in will happen, one way or another, and it is our job to ensure that our advice platform software can help our clients manage the process efficiently and cost-effectively,” he said.
Advisers are concerned about the extra time and associated expense that opt-in will add to their practices
“We are hearing from the market that advisers are concerned about the extra time and associated expense that opt-in will add to their practices, and the flow-on effect that will have on their clients,” Mr Knowles said.
“We have therefore decided to act immediately to extend functionality to incorporate opt-in capabilities into XPLAN.”
IRESS says that the existing XPLAN Client Online module already allows advice customers to review the services they are receiving and provides the opportunity to opt-in electronically. “However we are also going to enable XPLAN users to send an email to their clients about the adviser’s service proposition and let the client follow a hyperlink to register that they opt-in,” Mr Knowles said.
The group also plans to release new management reports and upgrades to its dashboard functionality for both businesses and dealer groups, and to extend XPLAN’s alert manager to send warning notifications if a client is at risk of lapsing.
The enhancements are due for release with the next upgrade of XPLAN in August 2011.
