Iress confirms post-OneVue advice service play

OneVue iress XPLAN

26 November 2020
| By Mike |
image
image
expand image

Iress has further revealed its strategy in acquiring OneVue outlining a plan to combine OneVue’s managed fund registry with the Iress financial advice and trading front-end technologies to directly execute investment advice from Xplan and IOS and providing an interface for digital advice.

The strategy has been revealed at the company’s annual general meeting, with the chief executive, Andrew Walsh stating that it will be offering the new approach on a subscription basis “to drive recurring revenues for Iress and to reduce the cost to the end investor and other industry participants”.

He said the immediate priority was to integrate existing technology, Xplan and IOS, to existing infrastructure at OneVue within the first half of 2021 to deliver on “investment infrastructure as a service”.

“The value chain has become incredibly complicated with each layer needing to be paid, regardless of whether the investor is transacting or not,” Walsh said. “When it is all added up, the investor pays up to 185 basis points.”

“For the advice industry to operate sustainably and profitably, there needs to be a more direct link between the consumer and the manufacturer,” he said.

“The whole industry is under margin pressure. Things have to change. Fees have to come down and pricing needs to be more transparent. Industry consolidation and reorganisation may provide some temporary respite through cost synergies, but the real answer is the fundamental redesign of the systems. That’s our plan and that’s what we are going to deliver – a fundamentally better end-to-end technology and infrastructure, available as a service.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 1 hour ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 23 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 2 hours ago