Account aggregator pitches for adviser business
A newtechnology start-up company, WealthCare Mutual, is set to launch a software program into the financial services market enabling advisers and their clients to fully aggregate all their financial and wealth management interests.
“We are overlaying business, investment and legislative structures into an information technology system to allow us to bring together non-aligned suppliers,” says WealthCare director, Derek Condell.
Condell says the benefit to the planner will be more efficient ordering, back-office and admin systems.
“The outcome for the client is a mass market consumer solution, where a consumer can obtain all their investment, superannuation, insurance and home-loan information on one report,” Condell says.
WealthCare is owned by Universal Life Bank (ULB) and was created by ULB’s founder, Ian Wilson.
The software is also applicable to manufacturers, wholesalers and distributors, and Condell says the structure of WealthCare will provide these groups with the assurance their information will be secure.
“We have put into place through a co-operative constitutional structure, a platform that allows manufacturers, wholesalers or distributors to get access to the same piece of software, but with the knowledge that their data will never be accessed either purposefully or by accident by what are essentially their competitors,” Condell says.
Condell plans to roll out a pilot scheme in the next two to three months and expects a small community of advisers to be using it in the new year.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
