Lighthouse Group has unveiled its new IT platform to members under the brand LighthouseXpress, along with new distribution agreements with Abbey, Friends Provident, Norwich Union, Skandia and Standard Life.
Around 600 Lighthouse, BWA and Temple IFAs members will use the bespoke back-office system designed by Quay Software, to maintain data links with providers in relation to commission, compliance and marketing systems, and hopefully improve profitability and efficiency, says a statement from Lighthouse.
A spokeswoman for the group says Lighthouse brought in an external IT consultant to assess which software provider would best suit the group from 14 providers but found additional work was needed to match the requirements of the smaller IFA, so customised facilities were devised to an existing package.
Many software systems offered to IFA firms have yet to meet the needs of many smaller IFA operations, as companies are still geared towards facilitating larger intermediary companies, suggests Lighthouse.
Testing of the new system was conducted at the end of the year by 30 Lighthouse members to assess the feasibility and content of the online back office system.
Software was assessed at all 14 firms on the following criteria:
Three funds to watch
Adviser tech review