Account aggregator pitches for adviser business
A newtechnology start-up company, WealthCare Mutual, is set to launch a software program into the financial services market enabling advisers and their clients to fully aggregate all their financial and wealth management interests.
“We are overlaying business, investment and legislative structures into an information technology system to allow us to bring together non-aligned suppliers,” says WealthCare director, Derek Condell.
Condell says the benefit to the planner will be more efficient ordering, back-office and admin systems.
“The outcome for the client is a mass market consumer solution, where a consumer can obtain all their investment, superannuation, insurance and home-loan information on one report,” Condell says.
WealthCare is owned by Universal Life Bank (ULB) and was created by ULB’s founder, Ian Wilson.
The software is also applicable to manufacturers, wholesalers and distributors, and Condell says the structure of WealthCare will provide these groups with the assurance their information will be secure.
“We have put into place through a co-operative constitutional structure, a platform that allows manufacturers, wholesalers or distributors to get access to the same piece of software, but with the knowledge that their data will never be accessed either purposefully or by accident by what are essentially their competitors,” Condell says.
Condell plans to roll out a pilot scheme in the next two to three months and expects a small community of advisers to be using it in the new year.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
