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AdviserLogic improves compliance capabilities
AdviserLogic improves compliance capabilities
Advisers using AdviserLogic will now have access to fee and commission data held by cloud-based revenue management platform OnPay, in a move that will help to simplify compliance functions.
According to a joint statement, OnPay has now published its Application Program Interface (API) guidelines, which include fee and commission data.
Gundeep Sidhu, AdviserLogic managing director and OnPay product manager, said the move would allow practices and licensees to implement compliance more efficiently.
"There is still a lot of scepticism around the implementation of compliance functions from a licensee's point of view and, to be fair, there are no easy answers for many questions; such as how to deliver information effectively to clients, keeping records of client wishes, and communicating the outcomes to the respective product providers and other service providers," said Mr Sidhu.
"What we are doing at OnPay and AdviserLogic is continuing to build solutions that help implement various aspects of these complex pieces."
To accept OnPay data, AdviserLogic adopted a system that connects with OnPay's open API.
"This allows the fee and commission data files to be available in the adviser's CRM system, without any manual interference," Mr Sidhu said.
"In this instance, the AdviserLogic CRM allows the management of FDS and Opt-In information with proper record keeping of client communication," he said.
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