Platforms to play bigger role in back office system

EXCLUSIVE: Intelliflo, the web based back office system provider, is in discussions with some of the biggest wrap providers to increase functionality between the platforms and its client management system.

Nick Eatock, chief executive at Intelliflo, said that the company was in negotiations with four platform providers to make wraps accessible to advisers through its Intelligent Office software.

"The four partners will come from different parts of the wrap market. We are very excited as we believe we will be the first back office system to offer these services to our clients," Eatock said.

One of the potential platform providers is Ascentric, which is owned by Royal London Group. Dominic Ventham, head of marketing, said that the company "has been looking into further integration with back office systems." He said, "We are currently talking to 1st, Intelliflo and Plum, but will be focusing primarily on the big two of 1st and Intelliflo."

Michael Fryer, head of propositions at Ascentric, said that it was very early in the process but the links between wraps and back office systems were "very important." It is thought that the integration would allow advisers to bulk download the Ascentric wrap via Intelliflo, including transfer documents and templates.

Axa Elevate has also confirmed that it is in negotiations with Intelliflo. Ian Thomas, head of online services at Axa Wealth, said, "We have an ongoing dialogue with Intelliflo and we are looking to deepen links and maintain our strong relationship with the company."

Axa and Intelliflo pioneered the development of a contract enquiry standard, which enables Elevate users to view an aggregate of their holdings on the platform through Intelligent Office, when the platform launched 18 months ago. Thomas said that Axa is currently discussing ways of linking client information and transactions so that information can be sent both ways between the platform and the back office system, enabling advisers to prepopulate client information for ongoing transactions.

Eatock also said that Intelliflo would be unveiling the second iteration of Intelligent Office at the end of the second quarter of the 2010. Intelligent Office II is to receive a refreshed graphical user interface with a new contemporary look, provide new research tools for advisers and create a provision for clients of IFAs to select general insurance products and process transactions through the portal.

Intelliflo had been building the architecture of Intelligent Office II for more than two years, dubbed 'Neo', at a cost of between £2.5m and £3m.

Earlier in the month Intelliflo revealed that it was working with Redland Business, the training and competence specialist, to help prepare IFAs for the retail distribution review (RDR). The back office system now allows advisers to create, monitor and drive learning and development plans, as well as managing training resources, administering online testing, monitoring the risk profile of the business and advisers and managing the complaints procedures within the business.

gareth.shaw@ft.com