Wednesday, June 15, 2011
IRESS has announced the successful joint development between Colonial First State’s (CFS) FirstChoice platform and XPLAN, which will result in increased efficiency for advisers.
Advisers can now automate the production of FirstChoice applications which, when submitted to CFS, will generate real-time account numbers linked immediately to clients in XPLAN.
CFS General Manager Product and Investment Services, Alan Kenny said the joint development aims to significantly reduce the end-to-end application turnaround time for financial advisers.
A Significant Leap Forward in Efficiency
“This solution provides advisers with a more efficient process that removes duplication of data entry and can significantly reduce the risks associated with manual handling of paperwork. We are continually looking to improve adviser efficiency to reduce the time advisers spend on administration so that they can focus on providing quality advice,” Mr Kenny said.
IRESS Managing Director, Andrew Walsh said the integration offers advisers using the XPLAN applications a significant leap forward in efficiency.
“We are in the business of improving adviser efficiency through the implementation of forward looking technology in order to ensure clients receive quality and timely advice,” Mr Walsh said.
Real-time Submissions
“This integration with Colonial First State allows advisers to speed up the investment application process by supporting real-time submission of pre-validated application data. The loop is closed in the advice platform by automatically linking the account number to the client record,” Mr Walsh said.
Mr Walsh said one of the many benefits of this functionality is it will allow clients to begin their investment and superannuation accounts much faster. It will also reduce paperwork and process for advisers. “Automated client mapping means datafeeds will simply flow without any need for client mapping,” Mr Walsh said.
“We believe the integration is a powerful demonstration of the IRESS commitment to respond to the practical, day-to-day needs of adviser businesses at the coal face,” Mr Walsh said.