Origo is aiming to have the majority of providers in the market linked to its integration hub for advisers by the end of 2020, its managing director has said.
Anthony Rafferty told FTAdviser there are 70 to 100 companies that still haven’t signed up to the hub, but work is in progress.
He said: “We are at the point now that one company coming on board makes other companies come on board as well. I hope by the end of 2020 we reach the majority of firms.”
Currently, the not-for-profit fintech company has 17 providers signed up to the hub, which removes the need for companies to integrate with one another on an individual basis, instead linking up through Origo.
The hub – which aims to connect backoffice, document storage, platforms, investment research, financial planning tools and other providers – supports a series of tasks performed by advisers, such as valuations and bulk valuations, providing transaction history and transfer tracking.
According to research published yesterday by Origo in association with the Lang Cat, a typical advice firm could see its efficiency doubled if the systems it uses were properly integrated.
Mr Rafferty said some of the major players in the market were about to come on board, and he expects advisers to pressure the rest of the market to integrate with the hub.
He said: “I expect that in time having a good integration based approach would be one of the selection criteria for adviser when choosing a supplier.
“Because he/she knows the data is going to be accurate, quick, there is no re-keying.”
Origo’s research showed that advice firms typically use five standalone systems in the process of giving advice, building portfolios and managing clients.
This number rises to seven when platforms were added, and to 10 with the addition of more general systems like accounting and office software.
In a typical new client journey, client details were keyed in at least three times, with firms spending up to three hours per client on this process.
Cashflow planning software provider CashCalc was one of the latest companies to join Origo’s hub, allowing advisers to have real-time valuations or access transaction history of their client’s funds.
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