National non-institutional dealer group Professional Investment Services (PIS) has implemented an Xplan software solution across its entire network, which involved transitioning many practices away from a variety of legacy systems.
The PIS-branded Compass platform will now deliver the Xplan solution to its advisers as a way to support the transition to the Future of Financial Advice (FOFA) reforms as well as improve functionality and workflow.
“While PIS has used XPLAN as a core solution since 2008, many practices in their network were using a variety of legacy systems,” IRESS executive general manager wealth management Tizzy Vigilante said.
“The challenge was to transition those businesses looking to benefit from the services being provided by PIS through technology and access to scale benefits.”
While PIS advisers aren’t obliged to use the COMPASS platform, PIS chief information officer Salim Jahshan said the improved system will improve efficiency.
“Across our business, client data is now stored in one location, which means advisers aren’t duplicating information or trying to get systems that aren’t made to talk to each other to talk to each other,” Mr Jahshan said.
“We didn’t go about comparing one calculator against another, for example, that’s not what it was about for use.”
“We very much took a strategic view focusing on what we needed the technology to deliver and what would offer the most value over the longer term to our network and at that level IRESS is miles in front.”
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