Compliance giant SimplyBiz says the success of its end-to-end investment system Centra has seen an influx of interest in its services from advisers.
Speaking to Money Marketing, SimplyBiz Investment Services managing director Dan Russell says more than 300 firms have joined the group since Centra’s launch six months ago.
Independent research from the Financial Technology Research Centre found advisers could save two hours and 59 minutes per case, equal to a 66 per cent time saving on manual processing.
Any advisers who use SimplyBiz services can access Centra free of charge.
While advisers will be able to access the fund range of SimplyBiz-owned Verbatim Asset Management using Centra, Russell says the system does not preference its in-house funds.
He says: “They can get selected, but if they don’t, they don’t and it’s the same way that any other fund management company or model portfolio provider would be available. We aren’t there to tell advisers what to do, just how to help them design their business and so Centra has been designed to operate using whole of market choices, and it’s a criteria-driven system.”
Russell says advisers can enter their criteria for a solution and that screens the entirety of the market place to work out what is most appropriate for individual clients.
He says: “It is entirely unrelated to any one particular platform, fund manager or discretionary fund manager. This all helps facilitate the market place and allows advisers to view the market place through the prism of their own advice process and see investment solutions through what they need to achieve.”
The reports of strong interest in SimplyBiz’s solutions follow Money Marketing reports from last month that the recent wake of cost increases at the compliance provider is pushing advisers out.
Money Marketing understands from several advisers that free offerings including the popular Dynamic Planner risk-rating tool will no longer be included without a separate fee from next year.
While propositions at the compliance provider are changing, Russell says SimplyBiz is looking to continue developing solutions that continue to meet the rapidly changing needs of the industry.
He says: “Centra is a system that will never be finished and it will continually need to be updated because advisers just don’t want risk profiling and asset allocation in different systems. It does not compete with manufactures in any way, but it gives advisers the ability to scrutinise marketplace offerings.
“The response to this continues to be extremely positive and we know that changing systems and adopting new technology into business is about understanding how to use offerings with business processes.”