IFP ramps up ASP platform
IFP is ramping up its Application Service Provider (ASP) platform in a bid to bolster its financial planner back office support business.
National dealer group Mawson has already signed up for the platform, plugging the IDT financial planning software the group uses into IFP's Internet-based system. IFP is also in discussions with a number of other dealer groups with a view to adopting the system.
The ASP delivers financial planning software to advisers via the Internet. It allows dealer groups to outsource the administration and technical back-up for the software to IFP. IFP updates the software and ensures it is delivered to advisers when needed.
IFP has had the ASP available for the past two years but has been hampered in its rollout by resistance from software providers to allow their software to be distributed through the IFP platform.
IFP director Roger Rosentreter says he is hopeful the software groups will now come to the party.
"We have been able to do it for two years but it has taken the software providersa while to get their head around how the concept fits in with their own business strategy," he says.
Fellow IFP director Matthew Cole says many software groups are developing their own ASP platforms but most of those don't expect to launch their Internet-ready systems in the next year.
"In the meantime, IFP can offer an ASP for their clients while they develop their systems further," he says.
The stepping up of the ASP platform rollout follows the split of IFP into two separate but complementary companies last year. IFP Solutions continues to provide paraplanning outsourcing services to dealer groups while IFP Services concentrates on developing technology applications such as the ASP.
At the moment, IFP Solutions makes up about 60 per cent of the total business but Rosentreter says the technology side of the business is expanding rapidly and will soon overtake IFP Solutions.
Recommended for you
With the adviser education pathway deadline less than three months away, Padua Wealth Data is predicting a “very unstable last quarter” after three months of solid net growth and new entrants.
ASIC has banned the former CEO of Lighthouse Partners from providing financial services for 10 years after failing to report fees-for-no-service conduct, the second individual banning from this firm.
The corporate regulator enacted a 50 per cent increase in the number of investigations and a 20 per cent increase in civil enforcement proceedings.
Wealth management platform Netwealth has reported record quarterly net flows to managed accounts and is set to launch Netwealth Private for select advice groups this quarter.
