the tool will enable straight through processing with crest, allowing for multiple nominees on its flagship intermediary platform
Providers of intermediary software solutions 1st Software has added a tool enabling straight through processing for the reconciliation of nominee holdings within Crest to its Adviser Office package.
The relaunched version of Adviser Office now includes seamless integration with the LawSafe system, the web- enabled Crest sponsored membership service offered by brokers Lawshare, for the automatic reconciliation of nominee holdings held within Crest.
The package allows multiple nominees, both pooled and designated, to be set up in the system and portfolio holdings assigned to these nominees.
Adviser Office can then be used to check all of the holdings in LawSafe against the nominee accounts set up in Adviser Office. The program will then report any discrepancies between the two as well as provide a detailed list of the holdings.
Bob Trew, head of operations at Lawshare, said the reconciliation process of comparing the adviser's systems with nominee holdings under Crest is a labour intensive task that will be much simpler to carry out electronically, freeing intermediaries' time up for marketing and expanding their client bases.
Trew noted: 'This is just one of many ways we are looking at automating our service to fund managers, private client wealth managers and financial advisers to deliver end-to-end processing.'
Mik Cons, commercial director of 1st Software, said the new development is aimed at assisting those intermediaries already signed up to the software packages in their day-to-day running of discretionary portfolio management, as well as enticing new clients on board through offering an enhanced functionality.
Cons, who said the business has seen good growth in the past 12 months, added: 'We currently have over 30 private client discretionary managers using the software, and while this represents only a small proportion of our overall client base, having these facilities under the Adviser Office product enables adviser firms to have everything from discretionary investment management, personal and corporate life and pensions to mortgages.'
functionality of adviser office
• fact finds
• needs analysis & financial planning
• portfolio management
• discretionary investment management
• full multi-currency portfolio management
• client cash management with interest allocation
• multiple nominee companies and accounts
• compliance reporting & audit trail
• full back office admin
• letter writing, mailshot and bulk email
• client relationship management including correspondence
• client reports
• task management & workflow
• life, pensions & protection modules
• employee benefits with ability to import info from payrolls and
most life offices
• mortgage tracking
• commission & fee accounting
• product research & link to Synaptic
• client profitability measurement
Fully integrated online solutions
• online valuations from leading product providers
• online links to fund supermarkets
• online support and product license renewal
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