Iress today announced that Matrix Planning Solutions (Matrix) and ClearView Financial Advice (ClearView) have adopted its industry solution for managing advice fee consent. Matrix Planning Solutions and ClearView Financial Advice are part of Centrepoint Alliance - one of Australia's leading communities of financial advisers.
Through the Iress 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, said: “We’re pleased to support Matrix and ClearView in managing their advice fee consent obligations through technology. 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 Alliance group executive, technology solutions, Tanya Seale, said: “We’re passionate about creating efficiencies for advisers. 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.
“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.
“Ultimately, this will support advisers to focus on what matters most - growing their businesses and providing quality advice to Australians.”