Technology company Iress has announced that Matrix Planning Solutions and ClearView Financial Advice, both part of Centrepoint Alliance, have adopted its industry solution for managing advice fee consent.
A statement from Iress says that through its solution, Matrix and ClearView advisers can capture fee consent for ongoing service fee agreements within Xplan, which is then validated and authenticated through the blockchain and passed through to the relevant platforms.
Iress’ managing director, financial advice, Tizzy Vigilante, says the firm is pleased to support Matrix and ClearView in managing their advice fee consent obligations through technology.
She says the firm developed its end-to-end solution in collaboration with Matrix and ClearView and other industry players “…to enable licensees and advisers to securely send data and fee consent forms to platform providers as well as manage return responses.”
She adds that the automated solution will result in reduced time spent on paper-based administration and data entry for advisers, as well as increased connectivity between licensees, advisers, clients and platforms.
Centrepoint Alliance group executive, technology solutions, Tanya Seale, says that annual ongoing advice fee consent is an industry-wide challenge “…and the ability to send the consents electronically from your advice software to the product providers results in a seamless and secure industry solution that drives efficiencies by minimising the compliance and administrative burden on advisers.
“We hope that more product providers will adopt the solution to make it easier for advisers to do business with them.”
Seale adds that by adopting Iress’ advice fee consent solution, the group can digitise the advice process and help its network of financial advisers “…confidently meet their compliance obligations and reduce the amount of time spent on no-value-adding administration.”
