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.

Related News:

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.

Related Content

Fiducian grows planning footprint

The financial planning subsidiary of publicly-listed vertically-integrated financial services services group, Fiducian, has added around $216 million ...Read more

How can you make clients’ estate plans “foolproof”?

Advisers helping clients with estate planning may need to consider more than they bargained for, with funeral plots, what to do with their bodies, and...Read more

Chatbots won’t stop super funds needing human advisers

While making full use of member engagement data will inevitably involve the use of artificial intelligence (AI), superannuation funds need to remember...Read more



Add new comment