Midwinter inks deal with advice licensee

In a statement, Midwinter said it would roll out its Key Risk Indicator Solution compliance technology across Wealth Today’s 120 advisers in a deal that the group said would save practitioners 30 to 40 hours a week in manual processing.

 

Commenting on the news, Wealth Today managing director Keith Cullen said compliance was a critical piece for advisers to get right in the current environment in order to reduce costs.

“Regulations are only becoming more onerous, forcing advice businesses to become leaner,” Mr Cullen said.

“This also means that systems need to adapt and work ‘out of the box’ to create true efficiencies.

“Advisers that run their business properly and are not exposed to a refund liability or other compliance issue are building value in their business through stringent record-keeping. Midwinter’s AdviceOS software makes that simple, and KRIS lets us support them in that process.”

Mr Cullen said the technology, which alerts advisers to key regulatory requirements such as completing opt-in notices and monitors for additional risks like off-APL product recommendations, would free up advisers to focus on spending more time with clients.

“Strong compliance is the bedrock of good advice. Technology is the key to making advisers more efficient and productive, so they can simultaneously spend time on revenue-producing activities,” he said.

Midwinter chief operating officer Jeff Hall said as more advisers gravitated towards the non-aligned sector, choosing a compliance technology solution would become even more important.

“Advisers need a simple and efficient way to meet their compliance obligations, which allows them to focus on what they do best: spending time with clients to understand their personal goals," Mr Hall said.

"Technology will continue to play a key role helping advisers build sustainable businesses.”

 

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