Intelliflo launches fee consent screen in reaction to DBFO

Advice technology solution intelliflo has launched a fee consent screen to provide financial advisers with enhanced fee tracking abilities.

The new features to its solution will help advisers to obtain enhanced oversight and a streamlined way of managing ongoing fee arrangement (OFA) renewals and consents.

X

Continue to Website

This will significantly reduce the time spent by advisers on administrative tasks, it said.

Intelliflo said the enhancement recognises the need for streamlined paperwork following Delivering Better Financial Outcomes (DBFO) legislation which seeks to reduce red tape and will also remove the need for advisers to provide OFA statements.

In force since 10 January 2025, for new fee arrangements the legislation has removed the requirement to provide a fee disclosure statement, introduced flexibility in anniversary date timing for OFAs, amended the mandatory content for ongoing fee consents, and replaced ASIC’s ability to prescribe this content with ministerial ability.

Earlier this year, intelliflo also released two templates covering ongoing fee arrangements and ongoing fee arrangement renewals which were added to its base account offering.

Stu Alsop, director of sales at intelliflo Australia, said: “The Delivering Better Financial Outcomes reforms are progressively being rolled out, with a number of the changes likely to affect how advisers operate day-to-day. Intelliflo has been working behind the scenes, responding to legislative change and using the best of new technology to come up with updates and enhancements that further simplify how advisers manage their processes. The dedicated fee consent screen is just one example.”

Further enhancements are expected in due course, it said.

Earlier this month, the firm announced three new dashboards to help advisers monitor their business performance as they seek out inorganic growth opportunities. These aim to drive data and performance oversight, as well as allow advisers to view income-related metrics such as client income, ongoing revenue, and year-on-year business performance.