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IFAs can get commission balance on their mobile

Misys network Financial Options is piloting technology which allows IFAs to check commission balances on their mobile phones.

Statements showing commission totals can be delivered to an IFA&#39s mobile phone from the network&#39s website three times a day using Wap technology.

Around 20 members took part in the initial pilot. FO now wants to see how the services operate on a larger scale. The network has 324 member companies and 625 registered individuals.

Financial Options member Howard Scott says: “Even when I went on holiday to France, I was able to receive text messages of my increasing commission balance. The service is really easy to use.”

IFAs&#39 worst nightmare that they will be replaced by machines may come true, claims an Edinburgh-based software company.

Prosumer Solutions is offering software to product providers which it says can carry out fact-finds and match customers to products online for a “brand new purchasing journey”. Chief executive officer Guy Hudson says: “The technology will reduce the average person&#39s need for an IFA to get them the best buys as they can do it themselves. It will take the place of IFAs ultimately if we can distribute widely enough.”

But Financial Technology Research Centre director Ian McKenna says: “The majority of consumers have yet to reach a stage when they will completely dispense with advice. The day when technology can terminate the IFA is many years away.”

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