Colonial First State (CFS) has signed up to Iress’ blockchain-based advice fee consent solution in a bid to reduce time spent on paper-based administration and data entry for financial advisers.
The solution captured fee consent for ongoing service fee agreements through a new workflow within Xplan. The information was then validated and authenticated through blockchain and passed through to CFS.
The solution would help advisers and licensees for clients on CFS’ FirstChoice and FirstWrap platforms and CFS would being an initial six-week rollout.
Iress chief commercial officer, Michael Blomfield, said the solution created a seamless connectivity and communication between all parties and ensure data accuracy.
CFS’ chief distribution officer, Bryce Quirk, said: “We are pleased to be first in market and involved in designing and testing this solution for managing ongoing service advice fee consent obligations. For CFS, this is in response to adviser feedback about assisting advisers and licensees to meet their obligations under the new laws and to minimise the administrative burden on their businesses.
“Our goal is to make it as simple and easy as possible for advisers to authenticate and track fee consent, through our own platforms and through industry solutions such as this.”