Iress ‘gives back’ with new adviser tool

The advice software provider has introduced an open insights and discussion forum, Advisely, with the primary goal of fostering conversations geared towards enhancing the efficiency of financial advice.

The tool, officially launched on Friday, enables advisers to engage in communication with their peers or to submit questions to industry experts.

Speaking on an upcoming ifa podcast, Kerry Ong, executive manager at Iress, said the platform is reinvesting in the future of advice through expert support and collaboration.

“We’re trying to give back to the industry,” Mr Ong said.

“The product is the core, we want to make sure we’re delivering to that, but we understand that we can use our stance within the industry to do more for the industry as well.”

Mr Ong hopes Advisely will contribute to a positive transformation in the industry.

“Advisely is really where you can go to talk shop with peers, learn about the industry, and connect with subject matter experts.”

Iress earlier confirmed it is reinvesting in the core parts of its business as part of its refreshed strategy.

Last month, the firm announced the sale of its managed funds administration business to global software and software-enabled services provider SS&C Technologies (SS&C) for a total cash consideration of $52 million.

The firm also said that the sales process for its platforms business is underway, with “interested parties in active consultation”.

In August, Iress said it experienced a $139.8 million loss in the first half, with the advice business hit by industry consolidation.

Namely, financial advice revenue decreased 2 per cent, with Iress saying the performance was “driven by existing client reductions to licences and industry consolidation resulting in structural changes to clients that reduced user numbers”, though noted these factors were partially offset by price increases.

Also in August, the financial services software company welcomed two new leaders to its ANZ wealth business.

According to Mr Ong, the changes involve a re-evaluation of where Iress delivers the greatest value to the financial services industry. The new team, he said, is focused on delivering more value to customers through product.

ifa's podcast with Mr Ong will be published next week.