GBST unveils FOFA-ready platform
GBST has released a new wealth management platform that it said is market ready for incoming Future of Financial Advice (FOFA) requirements.
Commissioning consultancy firm Praxis Partners to review the changes made to the solution, GBST focussed largely on enhancing the flexibility and ease of configurability of the GBST Composer, as well as helping advisers meet fee disclosure and opt-in requirements.
"We're enabling our clients to rapidly switch onto the requirements that will provide them with a market differentiator window," GBST executive manager of wealth management Nick Frolich said.
According to GBST, the platform now enables advisers to record and house fee opt-in charging data; addresses reporting requirements to maintain opt-in (and out) clients; provides fee transaction granularity; and is able to distinguish between asset based fees charged on invested amounts and borrowed amounts, and not charge fees on those borrowed or geared amounts.
In addition, the platform ensures those clients who have opted-out will not have advice fees deducted from their account and paid to an adviser or dealer group, GBST stated.
Frolich said there is a dedicated team of specialist business analysts tracking regulatory changes to ensure the platform continues to be FOFA compliant.
"This enables us to be highly proactive in our product development and, in effect, roll out product enhancements such as these to clients well in advance of a formal requirement," he said.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
