Cutting through the commission rebating clutter may now be a little easier for fee-for-service advisers. Software firm DMS has released a new system with an eye on the growing market for commission rebating.
DMS, which is owned by Investmentlink, said it also designed the new module for its Adviser Online product to help advisers comply with the Financial Planning Association’s (FPA) best practice disclosure principles.
According to Kurt Smyth, DMS head of sales and marketing, keeping track of commission payments and managing rebates is a complex task for most financial planners and dealer groups.This can be a doubly complicated process for fee-only advisers who usually rebate commissions.
“The practicalities of complying with the FPA’s best-practice principles and the sophisticated rebating system in place with most product providers, creates a nightmare for most back offices,” Smyth said in a statement.
According to Smyth, the DMS product allows advisers to create invoices that detail commissions and rebates received on investments across a client’s entire portfolio. Additionally, the system can produce quarterly declarations of adviser income.
Peter Philip, Investmentlink chief, said the firm was constantly on the look-out for ways to help advisers to engage with their clients. “Fee for service is a clear area where advisers and dealer groups are being hamstrung by back office process,” he said.
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