IDT to offer planners straight through processing
SoftwareproviderInvestment Data Technologies(IDT) has moved to integrate its adviser systems with popular wrap and master trust platforms to give planners seamless access to this market segment.
Using the consolidation services of hub provider InvestmentLink, when fully operational the software will provide advisers with desktop access to planning functions, as well as account opening, switches, balances, transaction history, and applications and redemptions for retail funds, wraps and master trusts.
InvestmentLink will handle the development and operation of interfaces with the different platforms and deliver the integrated data feed progressively over the next six months.
IDT already has transaction agreements in place withAvanteos,BT Wrap,Asgard,SMFandIOOF, which will all be part of the IDT software along with those platforms signed with InvestmentLink.
IDT managing director Danny Rodgers says the decision to outsource the function was because IDT already manages a number of interfaces with platforms and adding more over time could have caused problems.
He says InvestmentLink also has more expertise in this area and more potential to share the costs between software companies and platforms.
InvestmentLink chairman Ian Campbell says financial planning software vendors and dealer groups are realising how difficult it is to consolidate information from all the different products in the market.
He says he also hopes the IDT outsourcing agreement will attract more master trusts and wraps to join the InvestmentLink services in their own right.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
