Nearly two thirds of advisers are willing to move entirely from paper to electronic commission communications in the future.
New Standard Life research shows 64% of 190 adviserzone users surveyed would welcome a full shift to e-communications from providers, from just 22% currently using such offerings.
Advisers already using back office systems, such as 1st or Intelliflo, are able to take advantage of electronic data interchange (EDI) commission statements, which can provide automated matching and payment calculation.
Standard Life says as well as minimising the use of paper, EDI can save time and money for advisers who would normally require a number of staff to manage commission reconciliation.
Griffiths & Armour Financial Services says it has reaped the benefits of a fully automated commission system.
“It would previously take our staff up to 30 minutes per statement to process, administrators now only spend five minutes per statement,” Griffiths & Armour managing director Paul McGuikin says.
“This significant saving means Griffiths & Armour aim to reduce the total spend on administering commissions by a further 30-40% over the next 12 months.”
Standard Life has also announced improvements to its commission service section on adviserzone.
Advisers are able to check on commission paid or commission due for a specific policy or agency code as well as having access to monthly statements.
Standard Life says the improved service can create a spreadsheet which advisers can easily download onto back office systems.
“Our research shows that advisers are keener to use e-commission than ever before,” Standard Life sales e-commerce manager Ross Dunlop says.
“I believe we are on the verge of a step change in how advisers receive commission statements and how they use technology to reconcile those statements.”
Standard Life’s adviserzone extranet site provides a wide range of online services for advisers, including fund information, tools and askTech.
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