BT Portfolio Services and Zurich Financial Services have bagged the lion’s share of Investor Group’s outsourcing of support services for its financial planning division, Investor Financial Planning (IFP).
After a three month tender process, BT won the contract to supply back office services to the group’s new Wealthwrap wrap account while Zurich will supply its dealer support system. Accent Consulting has been signed on to supply compliance service to the group’s accounting and financial planning firms
Investor Group now boasts a single dealer’s licence and centralised financial planning platform that will improve the efficiency of service delivery, according to IFP chief executive officer Tim Townsend.
“We are pleased with the way things have come together and have picked the right tools that complement each other,” says Townsend.
Zurich’s Dealer Back Office Services (DBOS) will provide full back office dealer support for a number of services including training and education, technical and product research, and paraplanning. The DBOS team will also assist in the development of the Investor Group wrap, WealthWrap, while BT Australia will provide its back-office administration services.
Investor Group managing director Kevin White says WealthWrap should be available to Investor Group firms by mid February.
Investor Group also aligned with BT last year when the group took on the BT Corporate Superannuation plan.
The changes put IFP in place to offer the centralised financial planning platform to the group’s 10 accountancy firms and two specialist financial planning businesses.
Investor Group firms were involved in the decision making process and Townsend says responses from the results have been positive.
“The process has taken three months to get right and also given us three months to build the enthusiasm of member firms. They are very enthused and chomping at the bit to get started,” says Townsend.
Investor Group currently has about $1.8 billion under advice. Townsend says the next three months will focus on implementing the platform and distribution network before moving on to suppliers.
