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Advice fee consent solution tackles ‘industry-wide challenge’
Advice fee consent solution tackles ‘industry-wide challenge’
ClearView and Matrix Planning Solutions have adopted an advice fee consent solution from Iress.
Through the solution, the life insurer and licensee’s advisers – who sit within the Centrepoint Alliance community – can now obtain fee consent for ongoing agreements without Xplan, which is then validated through Iress’ blockchain and moved through the relevant platforms.
“We’re pleased to support Matrix and ClearView in managing their advice fee consent obligations through technology,” Iress’ managing director of financial advice, Tizzy Vigilante said.
“Iress developed our 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.
“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 group executive Tanya Seale said the move was inspired by a desire to deliver efficiencies to advisers and tackle the “industry-wide challenge” of annual ongoing advice fee consent.
Ms Seale applauded the solution, noting it minimalises the compliance and administrative burden for financial advisers.
“By adopting Iress’ advice fee consent solution, we can digitise the advice process and help our network of financial advisers confidently meet their compliance obligations and reduce the amount of time spent on no-value-adding administration,” she said.
“Ultimately, this will support advisers to focus on what matters most – growing their businesses and providing quality advice to Australians.”
About the author
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
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