A number of advice firms are pursuing Iress for thousands of pounds in refunded fees, after suffering “nightmare” technical problems with its Xplan software.
Xplan is an end-to-end system which offers portfolio management, client communication and business management tools.
Australian technology provider Iress also owns software programme Adviser Office, following its acquisition of Avelo in 2013.
Iress says Adviser Office users are under no obligation to move to Xplan, but last autumn it introduced a new process to transfer those who wish to do so.
Since then advisers moving to Xplan say they have experienced problems including inaccurate valuations and delays in transferring data from one system to the other.
Money Marketing understands at least four advice firms are seeking to claim back all fees paid to Iress in respect of the transfer.
Interface Financial Planning director Alan Moran moved from Adviser Office to Xplan in November, but decided to leave Iress in March.
He says: “Those five months were the worst of my 25-year career. I was charged £3,000 for something that didn’t work, and lost several thousand pounds in income due to the time spent trying to resolve the problems.
“It was a nightmare. I outsource my remuneration to another company, which was not able to reconcile a single penny with Xplan.
“The client portal didn’t work, and valuations produced silly numbers – one client with £50,000 came out as having £2.5m. Errors like that undermine clients’ confidence in my professionalism.”
Another adviser, who wishes to remain anonymous, says: “Xplan was marketed as a finished product but that is not the case. If I had known how bad it was going to be I would not have bought it.”
Iress executive general manager for wealth Mark Loosmore says: “For those who want to move to
Xplan, we introduced a process in the autumn to take them across and hold their hands. That has been successful but a small number of clients have experienced some teething problems.
“We take client dissatisfaction seriously and have put in significant resources to help them overcome those individual issues.”