DMS bolsters Advisor Online
Financial services software provider Dealer Management Systems (DMS) has strengthened the offering of its Advisor Online software by adding a fee-for-service billing and disclosure capability to the commission processing system.
This will allow advisers to produce fee-for-service invoices that list all rebated commissions across a client’s entire portfolio.
The software also generates quarterly declarations of the income an adviser has received, which is in line with the Financial Planning Association’s best practice disclosure principles.
DMS, which is a subsidiary of InvestmentLink, claims the new client fee billing capability will help to improve the trust Australians have in their advisers through simple, complete and comprehensive disclosure.
InvestmentLink chief executive Peter Philip added that the new feature would also streamline an adviser’s transition from a commission-based model of remuneration to fee-for-service.
“The new feature will allow dealers and advisers to very seamlessly move to a fee-for-service model,” he said.
More than 85 licensees use DMS’ core system.
Recommended for you
After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision.
Hot on the heels of its AMP advice acquisition last year, Entireti has acquired licensee solution provider IOOF Alliances from Insignia, enhancing its offering for self-licensed advisers.
Over 600 AFSLs – a third of the total number – are operating with just one adviser, according to Wealth Data, reflecting the rise of self-licensing.
Wealth management firm LGT Crestone has appointed Darragh Kennelly as a senior investment analyst to help the firm scale its alternatives platform.
