Financial services software provider FinTech has launched a new version of its financial planning software allowing a dealer group to control the back-office functions used by individual advisers.
The new software, called Financial PathFinder, has been designed to meet the requirements of the new Financial Services Reform (FSR) compliance regime.
FinTech director Neville Krynauw says the major issue facing dealer groups today is controlling advisers effectively from performing unauthorised actions.
“How does the principal control the advisers and how do they insulate their dealer licence from unauthorised behaviour,” he says.
“The dealer control is only found at the back-office and PathFinder allows the adviser only to act within the defined boundaries set by the principal because the dealer’s licence is at stake.”
PathFinder provides holistic financial planning modelling with additional features that allow full recording of every interview and alternative scenarios recommended by the adviser.
The dealer can control projections, product choice and strategies used by the advisers as well as allowing them to use only prescribed reporting systems.
“You can systematically supervise your adviser’s activities on a day-to-day basis electronically,” Krynauw says.
PathFinder is internet-based with standard modules covering pension planning and risk, including business insurance. There is also a client management system as well as a number of calculators.
He says the client management module can be used for calculating fee revenue from an individual client and the program also can undertake cash flow analysis.
Product research is provided byMorningstarand share price information is from a link to OTSdata’s EzyCast. Historical data on the platform goes back to 1983 for portfolio calculating purposes.
Krynauw says the initial cost of a full licence is $3500, individual modules will be priced at a minimum of $700 and ongoing fees for the whole package are $3500 per adviser.
