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
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
