Finzo and Iress have announced a new technological initiative to allow advisers to spend more time on client relationships, while improving services and increasing business efficiency.
Finzo is an integrated financial solutions provider for advisers, brokers, family offices and asset consultants, while Iress is a technology company which provides software to the financial services industry.
Claiming to be the first of its kind in New Zealand, the initiative establishes a data feed from the Finzo Platform to Xplan, Iress’ financial planning and wealth management software.
Finzo states that by using the data feed between Finzo Platform (an investment platform powered by FNZ) and Xplan, advisers can accurately and efficiently update client portfolios with daily transactions.
It noted that insurance advisers with a cross over of asset management services can benefit from this new innovation but the new feature is available only to Finzo clients who use both the platform and CRM solutions.
However, CRM tool Xplan, is equipped to cater for risk insurance services for advisers who specialise in risk.
Finzo CEO, Nick Stewart, says the technological innovation is a timely one, as the regulation around financial advice tightens with the FMA implementing the new licensing and compliance regime for financial advice.
“For advisers, we want to take away all the distractions like CRM, compliance, and cyber/data security…”
“For advisers, we want to take away all the distractions like CRM, compliance, and cyber/data security and in return provide a ‘business in a box’ solution that allows them to focus more on advice and client interaction,” he said.
“The technology is not an end in itself. It is about advisers being able to both deliver better client outcomes and grow their businesses at a faster rate.”
Stewart described the feature as a milestone project in delivering secure, fast and efficient transactional data between the platform and Xplan.
“This enhances reporting functionality beyond basic custodial standards while freeing up advisers to spend time on what is most important – building client relationships, increasing efficiency and expanding their businesses,” Stewart said.
“It means advisers can now generate bespoke reports out of Xplan across the multiple channels of advice, while the creation of client review packs with live portfolio and client data is now just a click away.”
Iress’ GM Wealth New Zealand, Andrew Logan, says the collaborative approach between Finzo, FNZ and Iress provides Finzo advisers with an integrated solution and will make it easier for advisers to ensure their client data is accurate and up to date.
“Iress has a rich history of third-party integrations and we’re pleased to partner with Finzo on this initiative,” he said.
“It provides advisers with a single source of truth for data, while streamlining the end-to-end client engagement cycle from on-boarding, risk profiling, investment modelling and portfolio construction, to portfolio management, reporting and monitoring.”
Finzo stated it aims to become a Financial Advice Provider allowing clients to either run their business under its FAP or use its services for their own FAP requirements.
The Hawke’s Bay-based service provider announced it had rebranded to Finzo from Boutique Advisers Alliance earlier this year (see: Service Provider Rebrands…).