COIN 4.0 FOFA-ready, says Wayne Wilson
Rubik Financial managing director Wayne Wilson says the fourth version of COIN is ready for the Future of Financial Advice (FOFA) reforms.
He said the enhancements focus on improvements to office efficiency, client management and workflows and would assist planners in meeting their new legislative requirements.
"Part of the acquisition terms (with Macquarie) was the successful release of COIN 4.0, so we've had Macquarie working with us up to this point to make sure the release was released on time and wasn't impacted by the transition during the acquisition," he added.
Updates to COIN include new fee disclosure functionality, which allows planners to record and track packages and services offered to clients, the fees charged for services and the amounts paid by clients.
According to Rubik, users will also be able to conduct product reporting and meet aspects of the opt-in duty by utilising such filters as service acceptance date, fee statement date and services provided.
Other improvements in facilitating opt-in include the ability for planners to track the services offered and taken, client package type, opt-in date and fee disclosure dates.
In addition, the large-scale batch updating functionality allows advisers to complete large data captures for reporting.
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