HBOS’ wealth creation arm, St Andrew’s Australia, has signed an agreement with wealth management applications and professional services provider Bravura Solutions to utilise their E-commerce solution, ePASS.
Under the terms of the agreement, St Andrew’s will integrate ePASS into its existing administration system, enabling the group to boost service delivery to its members and advisers as well as reduce ongoing administration costs. Bravura’s ePASS provides a range of online services for employers, members and advisers for the administration of superannuation and pension products.
The agreement will give St Andrew’s access to the ePASS member online application, which will enable the group to launch its direct range of superannuation products and give its clients the option to customise their details, such as viewing and updating personal details, beneficiaries and other account information.
St Andrew’s financial advisers will also have access to ePASS’ adviser online application, which will give them more security to provide reporting and access fund and product information online.
Earlier this month, St Andrew’s Australia reported a pre-tax profit of $22.6 million for the 2006 year. This was up 109 per cent on the previous year and reflects the manager’s increase in funds under advice, which now exceeds $2 billion. This was boosted recently with the acquisition of Queensland planning firm Whittaker Macnaught. Funds under management rose by 18 per cent during the year to $479 million.
St Andrew’s managing director John Van Der Wielen said the result confirmed the company was on a strong growth trajectory and continued to significantly increase its profits each year.
Bravura Solutions provides professional services and wealth management applications to more than 150 financial institutions.
Bravura software has more than 18 million pension, life insurance and investment accounts, with more than $800 billion in funds under management.
