Colonial First State (CFS) will be the first investment platform to sign onto Iress’ new blockchain-based solution for managing advice fee consent.
CFS will begin an initial six-week rollout of the tech company’s new solution which aims to simplify managing advice fee consent requirements from advisers and licensees on CFS’ FirstChoice and FirstWrap platforms.
Iress says the solution also supports advisers and licensees to better manage their obligations under the Financial Sector Reform by capturing fee consent for ongoing service fee agreements, which is then validated and authenticated under the blockchain and passed through to CFS.
“Through Iress, CFS will have access to this leading technology to ensure the once onerous process of record-keeping becomes easier for advisers and their clients,” Iress CCO Michael Blomfield said.
“Our solution creates seamless connectivity and communication between all parties, while ensuring accuracy of data via a single, immutable source of truth.
“We’re delighted to partner with CFS to support its ability to manage these new requirements in an efficient, cost-effective and compliant manner.”
CFS CDO Bryce Quirk said the wealth management group’s decision to sign onto the new solution came on the back of feedback from advisers about meeting obligations under the new laws and minimising the “administrative burden” on their businesses.
“The findings of our initial rollout with Iress will support CFS in rolling this capability out for all of our clients in the future,” Mr Quirk said.
“We are committed to supporting making advice more affordable through reducing the associated costs. Our goal is to make it as simple and easy as possible for advisers to authenticate and track fee consent, through our own platforms and through industry solutions such as this.”
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