SyRes, the company developed by a number of dealer groups involved with master trust providerSymetry, has released two further services for the back office.
The group has just released two back office services, a training service on IPS 146 which includes adviser assesment and the register service for the reporting and maintenance of adviser training. The first component of SyRes, the compliance manual, was launched about six weeks ago.
Due diligence on the Symetry master trust fund products is the next service to be rolled out, due for a January release. Clifton says while these fund products are the initial focus, SyRes expects to later extend the due diligence work to other non-Symetry investment products they use.
SyRes co-founder and chairman John Rudajs says the next focus will be on the implementation and transition of FSR as well as changes under the new privacy legislation.
Independently owned and operated by eight of the 19 dealer groups who use the Symetry master trust product, SyRes was developed to improve back office efficiency for the groups as a collective. It is run on a non-profit basis and began with an initial $100,000.
Symetry general manager Don Clifton says faced with back office issues and costs individually, the small and medium sized individual dealer groups formed a collective and then centralised to gain economies of scale.
“There were back office issues to address such as compliance, managing training, and education such as Interim Policy Statement (IPS) 146 and managing the Financial Services Reform (FSR) issues and legislative change,” Clifton says.
“[SyRes] now offers a mix of collectively agreed performance standards, pricing and costs, delivery times and consistency of standards.”
