OnPay and AdviserLogic integrate
Financial planning software system, AdviserLogic has integrated with cloud-based revenue management platform, OnPay, to make fee and commission data available to AdviserLogic users.
The fee and commission data files are available in the adviser's customer relationship management (CRM) system helping bring additional efficiency, AdviserLogic managing director, and OnPay product manager, Gundeep Sidhu, said.
Sidhu said the efficiency is now brought at the practice and licensee level, and helps advisers to run complying practices.
"In this instance, the AdviserLogic CRM allows the management of fee disclosure statements and opt-in information with proper record keeping of client communication," Sidhu said.
"There is still a lot of scepticism around the implementation of compliance functions from a licensee's point of view.
"To be fair there are no easy answers for many questions such as how to deliver informational effectively to clients, keeping records of client wishes, and communicating the outcomes to the respective product providers and other service providers."
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
