InvestmentLink, a leading provider of computer-based wealth management support systems, has launched a new application designed to improve the management of remuneration payment obligations faced by product providers in the market.
The new system is called the Remuneration Management System (RMS) and has been designed to help product providers in the same fashion as the organisation’s Dealer Management System (DMS) aids advisers in managing the fees and commissions payable to them.
DMS sales and marketing manager Kurt Smyth said: “It can take information coming in from a wide variety of different product systems or registry systems and then allow the product provider to perform additional payment or commission calculations.
“It then facilitates processing of pay runs that distribute the payments out to the licensees and makes the information available to the licensees and if necessary the advisers online. So it provides a high level of transparency.”
According to Smyth, the system then allows licensees to analyse the payments from the product providers and perform various types of business reporting as well.
The new RMS is targeted at fund managers, platform providers, insurance companies, and lenders.
Smyth said the interaction between advisers and product providers can be streamlined even further if the dealer group in question has the InvestmentLink DMS system in use.
“If the licensee is using the DMS system, we have the ability to really streamline the actual transfer of information from RMS into DMS, so probably the key benefit there is making it even easier for licensees who use DMS to take information from product providers using RMS,” he said.
“Over time we see that as really improving and facilitating the efficiency of the whole payment process in the industry,” Smyth said.
Fund managers MFS and Provident Capital have already adopted the new technology system.
