Adviser software provider FinPal has announced its next release will include support for mortgage brokers.
FinPal chief executive Stephen Handley said there was “significant overlap” between advice and mortgage broking, and the two services have increasingly attempted to integrate with each other to provide clients with a ‘one-stop shop’ offering.
“Unfortunately, the integration generally stops at the sign on the door,” Mr Handley said. “Because advisers and brokers use different, disconnected software systems, sharing of information is still very much a manual process, resulting in a disjointed client experience.”
Mr Handley said that the data used by both advisers and mortgage brokers is “almost identical”, making it easy for FinPal to provide support to the lending industry.
“The initial release will focus on automated workflows and support for mortgage commissions,” Mr Handley said.
“Data specific to the mortgage industry will also flow through to existing features like our client portal and document generation system.”
FinPal said further software releases will include more technologies aimed at the lending industry to expand its functionality for mortgage brokers.
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
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