RetireInvest rolls out DMS system

RetireInvest has become the latest financial planning dealer group to implement Dealer Management Systems’ (DMS) Adviser Online application across its authorised representative network.

The move means RetireInvest’s financial planners now have access via the internet to an automated system that will allow them to track their commission remuneration by product provider in an efficient manner.

“The system allows payment data to be taken from the licensee and, via secure servers, distribute that or give advisers and practices access to that data. It means advisers now can have a complete picture of their business in terms of payments and revenue,” DMS sales and marketing manager Kurt Smyth said.

“Advisers can interrogate their payments database, they can do their own management reporting, they can segment their client base, track payments and commissions and so forth,” he explained.

Smyth said the system could also be used as a benchmarking tool for practices across the dealer group, as well as a means of formulating business key performance indicators.

To this end, Smyth alluded to further enhancements to the system in the very near future.

“I think of it more as an information service. It’s more than just a software tool, it really is a source of proof for advisers and their revenues and business payments,” he said.

RetireInvest general manager Greg Dunger feels the DMS application will help his dealer group’s franchisees have better access to the commission system in place.

“We believe that it will become, for them, a very important tool in helping them manage their businesses and understanding the relationship they have with various product providers,” he said.

Other dealer groups that have already deployed the DMS Adviser Online system include Guardian Financial Planning, Bongiorno Financial Advisers, Consultum Financial Advisers and Capstone Financial Planning.