ING’s financial planners will be able to move further into the realm of life and risk insurance after a software deal was signed by ING and PlanTech Consulting.
Under the deal, financial planners working in the RetireInvest and newly created Partnership Planning (formerly Bleakleys and Advisor Investment Services) branches will receive 100 licenses for the software package designed by PlanTech Consulting, a company that specialises in software for financial advisers and financial institutions.
ING national manager of broker services Peter Murray says the deal with PlanTech further underpins the group’s program of streamlining both planning and risk operations.
“The whole industry is evolving in this way but I believe we are a step ahead of rival firms in terms of integrating the work of planners and risk advisers, with up to 75 per cent of our advisers already writing their own risk policies,” Murray says.
Murray says the package is more a risk research tool rather than a total management package, which slides into position with ING’s existing client management system and software package.
The package is called ProPlanner and the rollout in RetireInvest and Partnership Planning offices around the country will be completed late March.
PlanTech managing director Tony Smith says that with ING’s choice of PlanTech’s software package, the push to alter the financial planning industry’s traditional mode of operation is gaining momentum.
“Most financial planning groups have now realised the importance of having both risk planning and life insurance research tools. As a result we are fielding an increasing number of enquiries from planners,” he says.
“We see RetireInvest as a flagship account, so we’re delighted to have them as a customer.”
Smith says that he’s noticed a strong push down the path towards integration of planners and risk advisers, and expects that it will be inevitable for financial planners to move into the areas of risk insurance.
“One of the requirements for CFP status is that planners must address risk insurance. Also, risk must now have more of a commercial impact on planners business income,” Smith says.
