Dealers access online commission reporting
An online adviser reporting system that claims to take the guesswork out of deducing exact commission payments has been implemented by three dealer groups, with a fourth poised to roll out the program shortly.
Guardian, Bongiorno Financial Advisers and Winchcombe Carson Financial Planning have the new system operational.
“Advisers can now look at their commission transactions down to the individual client or investment level,” a spokesperson for product provider Dealer Management Systems (DMS) said.
“The key to the core system is that it is used by the dealer group to electronically process all commission fees from fund managers and deliver that information to the adviser electronically.”
The spokesperson said what is dubbed ‘Dealer Online’ helps advisers to correctly rebate commissions.
“Now the adviser can rebate the actual amount rather than estimating the figure or waiting for their commission statements,” he said.
The system can be used by advisers for client segmentation to see which customers are the most financially valuable, or which products are the most profitable for the adviser.
“Advisers can use the system to club certain groups of clients together either by volume of products used or the types,” Smyth said.
DMS is one of many start-up companies that have benefited from increasing adviser demand for commission monitoring technology.
Last month, Brisbane-based outfit InvestSMART said a trail commission tracking device it launched in June this year had already reported $40 million of investments.
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