Sentry Group centralises back office
Non-aligned dealer group, Sentry Group, has announced a joint venture arrangement with fintech group, Intiger Asset Management, to provide Sentry a framework for the development and delivery of a centralised back office administration and para planning solution.
Sentry Group chief executive and chairman, Murray Hills, said it was vital for advice practices and licensees to upgrade their operational models to adopt their practices to the requirements of the Future of Financial Advice (FOFA) and the Life Insurance Framework (LIF).
"Over the next few years, many advisers and licensees will exit the advice sector unable or unwilling to adapt as the era of professionalism gains momentum," Hills said.
"In this environment, the advice practice that will benefit the most will be characterised by non-institutional alignment utilising modern processes, technology and resources to ensure positive client engagement and service outcomes."
Under stage one of the arrangement, Intiger would set up a para planning service designed to dovetail into the operational frameworks of advisers, according to Sentry Group executive director and head of business solutions, David Newman.
"This will be followed by a pilot program with a number of key practices to develop and fine tune the back office administration processes," Newman said.
"All these new processes and work flows will be integrated into the overarching IRESS customised technology solution that was developed specifically for Sentry and branded SENTRAK."
Newman expected the pilot program to be completed by early New Year with the roll out to the entire Sentry adviser network to begin thereafter.
AUTHOR
Malavika Santhebennur
Recommended for you
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, a Wilsons Advisory report suggests the ongoing gender imbalance in the advice profession could prove a challenge to this process.
Danielle Press, a former ASIC commissioner, is to chair a new AFSL committee set up by Sequoia which seeks to improve governance practices and review its approved product lists.
