FirstChoice automates application process with XPLAN

Colonial First State’s FirstChoice platform has embarked on a joint development with IRESS’ XPLAN software, which the two companies said would reduce application turnaround time for advisers.

With the new deal between IRESS and CFS, financial planners can automate the production of FirstChoice applications which, when submitted to CFS, will generate real-time account numbers linked immediately to clients in XPLAN.

Following adviser demands in recent years, major financial planning software developers have been focusing on speeding up application processes and reducing paperwork for financial advisers when it comes to servicing clients.

“This solution provides advisers with a more efficient process that removes duplication of data entry and can significantly reduce the risks associated with manual handling of paperwork,” CFS general manager product and investment services, Alan Kenny (pictured) said.

According to IRESS managing director, Andrew Walsh, the main benefit of this integration was the ability to open investment and superannuation accounts much faster.

“This integration with Colonial First State allows advisers to speed up the investment application process by supporting real-time submission of pre-validated application data,” Walsh said.

“The loop is closed in the advice platform by automatically linking the account number to the client record,” he added.