Intelliflo has partnered with SS&C Technologies to launch a proposition that will allow advisers to manage client investment and pension plans in one place.
Both claim the proposition called ‘wealthlink’ is a UK-first and is “the deepest ever integration between practice management software and an investment platform”.
SS&C Technologies is a funds transfer agency and investment platform technology provider.
Intelliflo chief executive Nick Eatock announced this news today (6 June) at the Intelliflo connected conference in London.
Eatock said: “The industry has taken huge strides forward, but we can all agree that advisory firms are still having to re-key data too many times, learn too many systems and spend too much valuable time jumping from one system to another.
“With the launch of wealthlink, advisory firms will only ever need to key a client’s details in once. They can then go through their client’s advice journey using all Intelliflo offers, from discovery, cashflow modelling and setting up the client’s plan, to getting the money invested and utilising the client portal.
“With wealthlink, everything, from instructing transfers and building portfolios to allocating capital across tax wrappers, can be done without leaving the Intelliflo environment.
“Advisory businesses will only need to learn one system. The admin time per client will reduce massively, and the re-keying errors – a foreseeable harm the Consumer Duty legislation has highlighted – will be a thing of the past.”
Eatock added Intelliflo rolled out a similar proposition last year in the US and saw advisers report it reduce account opening times from a week to 20 minutes.
Also, wealthlink is all digital and there is no need for paper waste.
The Lang Cat principal of financial services consultancy Mark Polson called the launch of wealthlink a “milestone moment” as it has “the potential to change the industry”.
SS&C general manager global investor and distribution solutions Nick Wright said: “The combined power of the respective technologies will deliver a streamlined and fully integrated platform offering addressing this long-standing industry problem.
“Advisers have continuously told us they want a quick and easy way to execute investment business from within Intelliflo, both for account opening and client servicing. We are dedicated to helping achieve this goal through the breadth and depth of our APIs, ensuring advisers never have to leave the Intelliflo experience.”
The pricing terms of wealthlink are not dependent on the size of the advice firm or any commitment to place a certain level of assets.
Every Intelliflo user will qualify and platform charges are on a per client account basis; 0.15% up to £249,999, 0.125% from £249,999 to £499,999, 0.10% from £499,999 to £999,999 and 0.05% over £1m.
Wealthlink will be going live with a user group of Intelliflo customers later this year (2023).
Eatock said wealthlink was “intelligent integration” and “Intelliflo put the advice community’s needs front and centre in everything it does, and delivers better outcomes for everyone”.
Protection Guru founder and CEO Ian McKenna told Money Marketing that this is a “really clever move” by Intelliflo as this is the “sort of experience advisers have wanted for years”.
In regards to Consumer Duty, McKenna believes this move allows professionals to do a large amount of tasks in a “better way”.
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