New fee and commission data management service launched
IFA Dataflow has launched Commission Express a new business service which allows advisers to convert commission and fee statements from providers into a format that can be imported into back-office systems like Intelligent Office and Adviser Office.
Ian Lane, managing director of IFA Dataflow, says the service can take electronic data from advisers with files with thousands of individual transactions, from multiple providers and wraps, and convert them so the data is ready in a csv format for import into back-office solutions. The data can be manipulated if needed and multiple transactions for the same client can be aggregated into one transaction.
Lane says: “The biggest problem for advisers is that the provider statements are not in the format required by their back-office systems to import. These files have to be manipulated and most of this is done manually. Many of the provider formats require simple data manipulation, however Commission Express really becomes useful for more complex requirements.
“A good example of this is Transact. An investor’s portfolio may consist of several different investments, pensions, ISAs plus cash. Advisers need to record all income data for the same plan in the same month as one transaction. Plan and portfolio numbers need to be merged (it can be many lines per plan) and portfolio and wrapper reference numbers also need to be concatenated to match the data in the back-office system.
“This task was taking some advisers many hours to complete, but with Commission Express the user simply uploads their excel/csv file from Transact: within a minute the reformatted spreadsheet is available to download and is ready to be imported into the back-office system.”
Obsidian Financial trialled the product before launch. Obsidian’s director Clive Saffer says: “By far the biggest benefit to us of using IFA Dataflow is the vast amount of time they enable us to save on a daily basis. Every morning we receive commission statements showing hundreds of transactions and all this data has to be married up to what our back-office system needs, but obviously it comes in lots of formats and often using different abbreviations.
“When we tried to re-format and interpret this manually it was a long and laborious process, taking an administrator several hours, but now we just send it over to IFA Dataflow for input into Commission Express and it’s literally done in seconds.”
Visit the IFA Dataflow website