netwealth and IRESS have teamed up to offer advisers ‘straight-through processing’ for new applications, reducing the need to re-key information, and significantly increasing back office efficiency.
Advisers using netwealth, and the latest XPLAN release, will be able to seamlessly submit client information and product recommendations from XPLAN directly into the netwealth application system using XPLAN’s IPS and eApplications Pass Through Facility.
New applications can be completed within the netwealth environment as per normal, with status messages returned to XPLAN at each stage, and any new or updated product data will be updated in XPLAN via the existing netwealth data feed.
Matt Heine, Joint Managing Director of netwealth stated:
“This is an exciting development for netwealth as it solves one of the most common issues experienced by advisers and their staff, which is the lack of two-way integration between their platform and business software. The increased efficiency this will create for advice businesses is significant and we are really pleased to be leading on this capability.”
“The industry has been talking about the idea of a ‘paperless’ office for many years, so we are thrilled that advisers can now complete an SOA, electronically open a netwealth application without re-keying information, and then send for a client’s e-signature without printing anything. It will be a seamless process which will lead to faster turnaround times and better client satisfaction.”
IRESS’ Group Executive Product, Aaron Knowles, said “This is an area of high demand from advisers, and one that is very attainable as demonstrated with the efforts by IRESS and netwealth. Leveraging the strength of XPLAN has greatly improved efficiency for advisers interacting with platforms.”
This integration will be progressively rolled out in March to advisers accessing dealer services from netwealth subsidiary Pathway Licensee Services which provides XPLAN services and solutions to the IFA market.