Infocus advice system to reduce cost of advice
Infocus Money Management has launched a client management system that it says will dramatically reduce the cost of providing advice by producing advice documents more quickly.
The in-house Platformplus 2.0 system provides an end-to-end process from the initial client contact to the final step of scheduling a review, the firm stated.
The system integrates file notes and then converts them to advice documents, incorporating financial modelling and workflow processes to support the process, rather than requiring planners to copy and paste information from outside the IT system into documents on the IT platform.
Infocus managing director Darren Steinhardt said the system was developed in response to adviser demand and would cut the processing time in half.
The development was timely given new research recently showed Australians believed financial advice was worth only $300, well below the break-even point for providing advice.
The system will begin rolling out to Infocus’ 75 offices in four weeks at the completion of beta testing.
Infocus also announced its funds under management had increased 25 per cent in the 12 months to 30 June, 2010.
AUTHOR
Chris Kennedy
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