A back-office technology solution designed to help product providers update "aging" legacy systems to cope with the onset of adviser charging has been launched.
Elixir for Retail Distribution (ERD), which is fully integrated with focus:360°, is a sales support platform that will help companies deal with an anticipated wide range of advice models both pre- and post RDR.
The brainchild of IT solutions firm Mastek UK, ERD will also ease the transfer of trail commission payments when an adviser changes company, and when a client switches adviser.
Additionally, Mastek says it will help providers tackle the challenge of "engaging with the expected rise in orphan clients" after 2012. It will collate their data, "untangle" them from previous adviser relationships and provide an ongoing servicing platform.
Ralph Tucker, head of propositions at Mastek UK, says: "Providers are not geared up to deal with the pace of change. Their current processes are just too antiquated and stuck in the mud.
"Distributors can be as inventive and clever as they want, but if the product provider can not support that, the chain is going to break.
"ERD offers them a strategic base from which they can boost sales revenues and enhance profit margins without facing the pain of expensive and complex system implementation and integration."
Elixir is due to launch on Monday and Tucker said the company is in discussions with a number of major providers about adopting the solution.
For more information on ERD, click HERE.
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