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."
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