Standard Life has improved its platforms' integration with Iress Adviser Office, enabling what the firm describes as "seamless account opening functionality" to adviser firms.
The two way integration covers several key functions such as account opening, illustrations, new business and additional payments across all wrap products including Sipp, Isa, bonds and personal portfolios.
According to Standard Life this will lead to increased efficiency and reduced risk, with over 80 per cent of data now able to be populated into these wrap journeys.
This service has the widest possible coverage, as it applies to all tax wrappers available on the platform, including onshore and offshore bonds.
The integration with Iress is aimed to significantly reduce account opening times for new and existing clients and greatly reduce the re-keying of information held, as well as repopulate completed wrap data and selected documents back to Iress Adviser Office.
The wrap will also offer the option of saving partly completed integrated journeys on wrap, enabling advisers to resume at a later point without loss of data.
Alastair Black, Standard Life head of financial planning propositions, said: "In responding to increased demand following pensions freedoms more advisers are seeking to drive down risk and realise efficiencies within their business.
"This deeper integration with Iress does just this, reducing processing steps and the risk of errors, freeing up resource to support more client-facing activity.”
David Tiller, head of adviser and wealth manager propositions at Standard Life, said: "This type of collaborative integration and inter-connectivity is, in my opinion, essential if we are going to help adviser businesses create capacity to meet client demand.
"We are not finished our work in this area and will be looking to create further integrations in the near future. In the coming months we expect to complete deeper integrations with Iress’ XPLAN, Intelliflo’s Intelligent Office and Focus360. Longer term, we aim to be able to integrate with all of the key front and back office adviser systems.”
