Count to implement new commission processing system
Dealer Management Systems (DMS) has received a major boost with Count Financial signing up for its commission processing system.
Count Financial senior executive of IT and data solutions Stephen Aguilera-Mendoza said the dealer group’s internal system required an upgrade.
“We reviewed our options and decided it was more efficient for us to outsource rather than build our own system,” he said
“The DMS system has a good track record and its open architecture will allow us to use our commission data more effectively for management reporting.”
The latest signing brings the number of practices using the system to more than 80, comprising around 4,000 advisers.
DMS chief executive officer John Brabender said Count had only signed up for the core back-office system and had not yet considered the company’s new online commission reporting system.
“Our adviser, Online, is a web-based facility that allows the adviser to look and track their commissions on their own desktop,” he said.
“It is a way of making commissions transparent, and provides principals with a commission reporting system that can be incorporated into fee-for-service models.”
Brabender said the online facility also enabled the adviser to see how profitable a client was by the tracking of commissions and trails that had been generated by this source of business.
“It is leveraging the value of commission data held by the dealer group and using it for reporting purposes at the adviser level,” he said.
“It means the adviser can now use the dealer group’s data and tools on fees and commissions to become more profitable and efficient with each client.
“The principal of the dealer group will still be able to filter the amount of information going to the adviser, although most will see this online facility as a value-add for attracting and keeping staff,” Brabender said.
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