Russell Investments has partnered with software provider IRESS to improve communication of client data to financial advisers. Russell announced it had gone “live” with IRESS data feeds, meaning planners now have access to client data on their own desktop via Xplan and VisiPlan, and can access client details such as transactions, unit holdings and prices, portfolio updates and taxation reports. Previously, financial planners have had limited internet access to client investment information at Russell.
The new process is expected to make life easier for advisers who deal with Russell directly, rather than via platforms, such as those who advise on self-managed super funds (SMSFs). “Advisers will now have an array of information available to them on a client-by-client basis and can more readily consolidate client information,” says Andrew Jago, Queensland state manager, Russell Investments. “The data feeds from Russell will help bridge the gap of administration between investors and their advisers.” The IRESS Trusted Network aims to improve how client data is managed between advisers and their providers.
IRESS says more advisers are looking for ways to reduce costs, resulting in demand for additional feeds and an expectation of greater functionality and automation from those services already in place. “IRESS sees the role and importance of investment and in-force risk data feeds as increasingly critical within advice businesses and this is reflected in the function today’s software solutions play,” says Andrew Walsh, general manager, IRESS Wealth Management Solutions.