Technology supplier Iress is about to roll-out the third stage of an end-to-end research to sale support package, with the final piece focused on making the life of advisers easier.
Speaking to FTAdviser, the firm’s executive general product manager Andrew Simon explained that the advice module is about to start testing with IFAs next month and its has already started its pre-sale.
“The software will run advisers through the fact-find, generate the suitability letter and then search for the mortgage, all within the same seamless user experience. All the data is in one place, so it’s more effective for broker, more engaging for clients and gives us the ability to cross sell easier.”
At the start of the year, Iress started bringing together its three main technology strands to create one process for users.
The first stage saw the launch of XPlan Mortgage for intermediaries at the end of July, making it easier for brokers to research, recommend and apply for mortgages on behalf of their clients.
Earlier this month, the second phase saw Iress signing a long-term strategic partnership with Atom Bank, with the latter using the former’s mortgage sales and origination (MSO) product, re-engineered to meet the needs of challenger banks and regional building societies.
Following the adviser module third stage, Mr Simon said that integration with Iress’ Exchange for Protection Sourcing is also set to make the protection sales process easier for advisers.
“The protection quote will be put together in the background using information gathered during the fact find and whilst sourcing the mortgage, then it will be included in the total cost summary, which is better than having to go through an additional sale and should also help with meeting affordability criteria.”
While Mr Simon admitted that Iress are not the first to the market with online systems for brokers - citing Mortgage Brain’s launch a year ago and Mortgage 27’s online only offering - he is confident that the firm’s proposition will be the future of sourcing for intermediaries.
He was quick to add that the strategic shift does not mean those committed to processing clients through offline mean would be left behind, noting “we’re not pressing anyone to move”, but argued that the next cohort of advisers coming through would not even recognise how to deal with an offline world.
“It will naturally evolve I think, the pace of change will eventually draw more and more advisers through,” Mr Simon added.
Meanwhile, Iress’ half year results were published today (20 August), which showed UK operations contributing £28.9m to wider group revenue of £86.6m.
The UK operations also contributed £6.5m to a £29.4m segment profit, although UK segment profit was down 1.7 per cent.
Iress’ chief executive Andrew Walsh, said: “Increased regulation and the need for scale has increased consolidation of advice firms and technology is increasingly at the centre of advisory businesses; we have continued to invest in growing our capacity in wealth management as a result.”
peter.walker@ft.com
