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Intelliflo data fee request rejected

Novia and AJ Bell have both rejected requests from Intelliflo to pay a percentage of client assets per year rather than an upfront fee to integrate client data, Money Marketing understands.

In August, Novia was the 27th platform to integrate Intelliflo software while AJ Bell is yet to integrate.

Skandia, Fidelity FundsNetwork, Cofunds and Transact use Intelliflo software.

Finance and Technology Research Centre director Ian McKenna says: “I can understand platforms’ reluctance to give a percentage for what is essentially an admin service. Giving software firms basis points would only end up in the customer paying more.”

An Intelliflo spokeswoman says: “This type of information is commercially sensitive and is not something we would ever comment on.”

Novia and AJ Bell declined to comment.

Intelliflo said this week it will spend £10m on boosting its adviser offering and announced enhanced integration with Standard Life wrap. Standard currently integrates Intelliflo’s contract enquiry service while the new deal will enable users to automatically value Standard wrap accounts.


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There are 6 comments at the moment, we would love to hear your opinion too.

  1. I am absolutely appalled to hear that this is going on. Being an Intelliflo user, it doesn’t surprise me that everything has a cost but to link in with the value of MY client assets is disgraceful. The recent Standard Life announcement is great if you use that particular platform but I do wonder about the deal that was struck to acheive this.. 1st Software integrate with more platforms/wraps/other technology and dont seem to negotiate deals in this RDR unfriendly way..

  2. But IntelliFlo dont charge extra modules like Avelo and others, thats where they are skanking you!! at least they are transparent in their costs! I don’t use IntelliFlo yet and have used Avelo in the past, they used to be great in the day but since key leaders left, the company is a dying organisation!!! I am considering what I do with the run up to RDR, but looking at the due diligence I’ve conducted with a consultancy firm, IntelliFlo seem to be miles ahead of anyone else in this industry and if they are investing all this money which is a far cry from what anyone else is doing, ie the likes of Capita, Avelo, Plum , surely its to benefit the end community, Everyone has to make a living and more fool Novia and AJ Bell for missing the boat on this! Perhaps you just havent thought this through and I’d suggest you look at the detail before you make comments. After all journalists love a good story whether it’s true or not!! And as far as Ian McKenna goes, well what a joker he is, the more people I speak to, the less his reputation is regarded as high any more. I wonder if that has anything to do with the fact he’s in True Potential’s pockets!!!

  3. This article is very misinformed and not based on the facts at all. I am not at liberty to talk about details but can assure you this is misinformation.
    If AJ Bell, Novia and IntelliFlo have declined to comment then how is it you came to this understanding Sam? Sounds like speculation at best or competitive propaganda at worst…
    Stick to the facts Sam!

  4. I remain convinced that the concept of asking financial services companies to pay for integrating client data with software houses is a flawed one.

    As software providers, we are guardians of our customers’ client data – not owners of it. Our job is to protect the data, to make it available on-demand, in whatever format the customer needs it. To charge for this stewardship role seems misguided when what customers want is clear, transparent contracts with their IT partners.

    At Plum Software, we have already linked to AJ Bell and Novia with no fee attached to integrating client data – indeed, we never charge providers to integrate (and we’ve already integrated with the Standard Life wrap). If software providers charge a fair fee for a fair service, there is no need for hidden extras, and the entire industry will benefit.

  5. This sort of nonsense should be business-as-usual development, drawn from an R&D budget. IntelliFlo are asking cash to bring themselves up to speed with 1st, Plum and new entrants like Time4Advice. Sort out all the existing issues and regain trust from your SME adviser heartland, or admit that the future is enterprise clients and let the IFA move on! I have been waiting 3 years for integration with SL Wrap and been promised it for longer than that.

  6. Intelliflo also charging in excess of £10k to migrate client data from one system into their back office system is an outrage. I agree that buisiness is business but a simple data extract is a common principle and the routines or scripts that are written to do this exercise can be used time and time again – it doesn’t take an IT developer hours of intensive labour to run these scripts. Come on Mr Eatock, sort yourselves out!

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