virtual net and oracle corp develop online tools that aim to reduce the administrative burden compliance issues place on intermediaries
Online IFA network Virtual Net and US-listed Oracle Corp have developed technology tools designed to assist intermediaries with current and future compliance issues.
Virtual Net has released a new business management tool which enables each piece of business to be checked for compliance as it is entered, which could help advisers reduce the cost of PI cover and the time spent manually checking compliance.
Using the Virtual Net system, new business is inputted via the internet, enabling immediate real-time checking of compliance details, with instant feedback. All new business submissions are held under one umbrella and online payment of commissions is possible the moment the provider has paid the commission.
Virtual Net chief executive Junior Sobowale said notification that a transaction is non-compliant months after the business was completed destroys client confidence in advisers.
'The tool we have created checks compliance there and then, ensuring any problems can be addressed by the adviser straight away,' he said. The system also allows IFAs to access a history of submitted business and to amend policy information at any time.
'For too long intermediaries have had to put up with networks that process business to their advantage: holding onto commission payments, irregular compliance checking and forgetting they are there to provide a service to the IFA,' Sobowale said.
Further information available on www.vneurope.com.
Meanwhile Oracle has launched a software package that allows IFAs to track client relationships from the very first lead, through ongoing servicing, and right up to the latest sale.
Oracle said the Sales Management and Referral Tracking (SMART) system aims to ease the administrative burden on IFAs, as well as assisting them in complying with regulatory changes resulting from depolarisation.
All information including combined benefits portfolio statements are accessible via a personalised web portal, while an internal authorisation process ensures that each user can only view information relevant to themselves.
The portal also allows access to a number of automatically generated key performance indicators to assist management in measuring the performance of pre-defined aspects of the business.
Both advisers and sales managers are presented with sales performance charts every time they log onto the system, which the firm said ensures continual focus on business performance.
The system grew out of a commission Oracle received from Woolwich Independent Financial Advisory Services to streamline their administration system and provide them with a holistic view of product providers, product holdings, customers, introducers, staff, partners and other advisers, compliance and performance reporting, commissions, operational costs and pipeline business.
Woolwich said the system had reduced operational costs, increased sales productivity, improved customer service and made product offerings more visible.
Further information available at www.oracle.com
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