Iress has announced that it is planning to boost efficiency and resilience in the advice industry through the creation of a new ‘Connectivity Network’.
The Connectivity Network will connect platforms and insurance providers with advice software including Xplan. By streamlining and simplifying the advice execution process, Iress suggested that the number of clients that advisers are able to serve will increase.
Delivery of a new cloud-based infrastructure capability dubbed ‘Xplan Affinity’, which is set to go live by mid-2023 is said to be core to the new Connectivity Network.
According to Iress, Xplan Affinity will enable platform and insurance providers to integrate directly with Xplan and facilitate straight-through processing of client onboarding, trading, insurance applications, advice execution and client maintenance.
It will also facilitate reporting by financial advisers, licensees and their support teams.
Iress commercial director – investment infrastructure, Geoff Rogers, said that manual elements of the advice process will be digitised as Xplan Affinity is introduced.
“Details collected through the client onboarding process can be automatically populated into platform application forms, removing the need for onerous and error-prone manual processes,” he explained.
“Similarly, advisers will be able to provide trade instructions to platforms via Xplan, removing the need to leave that environment to implement the advice. The efficiencies gained from this can then be reinvested by advisers into client growth and help them to reach more Australians with quality and affordable financial advice.”
Colonial First State (CFS) and MetLife Australia have signed memorandums of understanding to collaborate with Iress on the design and creation of the Connectivity Network.
CFS group executive – distribution, Bryce Quirk, noted that the firm is currently undertaking its own transformation, leveraging technology to uplift its products and services to advisers.
“By partnering with industry leaders like Iress to explore new technology solutions, we’ll ensure that CFS is at the cutting edge of advice technology,” he said.
“We understand the value of making quality advice affordable, we believe we can help achieve this by providing advisers with the flexibility to work how they want, when they want. We’re excited to be part of the development of this new Connectivity Network and explore the opportunities it can offer.”
MetLife Australia CIO Meray El-Khoury added that her firm was focused on helping its advisers deliver for their clients and build strong and successful advisory businesses.
“We know that emerging technology can create end-to-end frictionless experiences and are dedicated to exploring how these technologies might reimagine their interactions in the digital environment,” she said.
