Misys, which operates IFA networks in the UK, has launched an IFA desktop software application called mi-solution. It is being pilot-tested by a group of 95 network members and 25 fund administrators. Another 1,000 IFAs within the Countrywide, DBS, Financial Options, Kestrel and IFA Network networks, are expected to start using software by December.
“mi-solution provides business and compliance support throughout the IFA’s advice process,” says Misys. “mi-solution will enable full end-to-end trading through its seamless integration with AssureWeb. The key features of mi-solution are smart compliance – mi-solution delivers improved advice process management and record keeping, leading to significant improvements in the production of suitability reports. mi-solution delivers the core platform for end-to-end trading and puts the IFA in control of the new business process; it features access to an electronic product database maintained by the Misys research team and links to quotes and application forms via AssureWeb. It also delivers full client management facilities.”
mi-solution is being supported by eight leading product providers, who have each taken up to 200 licenses for their internal sales and IFA Broker Consultants to use. The 8 companies are: Abbey National, AXA, Clerical Medical, Friends Provident, Norwich Union, Scottish Equitable, Scottish Life and Scottish Widows.
“The mi-solution features, especially the suitability report, are effortless,” says Peter Grant, an IFA at Weybrook Financial Management in Guildford, Surrey. “It is a compliant report but it still gives me the control to edit and add some personal information. I used to do everything manually with my client, except quotes, but after the training I am now using mi-solution to record everything and produce the compliant suitability report. It has certainly made my workload a lot easier.”
Paul Kenney, an IFA at Hawes Independent Financial Consultants, commented on the training: “It was thoroughly enjoyable – the initial course to get to know mi-solution was extremely interesting and this will provide me with excellent background to the new software.”
Patrick Gale, CEO of Misys IFA Services, said: “The launch of mi-solution is a major step forward in the implementation of our end-to-end electronic trading vision. Using the right technology, our members can communicate with the network quickly and efficiently while also offering the best service to their clients.”
Elsie Bonnett, Director of Misys IFA Desktop Solutions, who is responsible for the launch of mi-solution, added: “I am delighted with the way our pilot users are already beginning to realise the benefits. We intend to work very closely with our network members, and product providers, to continue to ensure that mi-solution meets their business requirements.”