Banking systems vendor Misys has launched its IFA desktop software, mi-solution, to a pilot group of 95 independent financial advisors and 25 administrators.
Mi-solution provides business and compliance support throughout the IFA’s advice process and is fully integrated with Misys' AssureWeb trading portal.
A further 1000 IFAs, within Countrywide, DBS, Financial Options, Kestrel and IFA Network, are to be trained on and provided with the software by the end of the year.
The new package promises improved advice process management and record keeping, leading to improvements in the production of suitability reports. 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 - Abbey National, AXA, Clerical Medical, Friends Provident, Norwich Union, Scottish Equitable, Scottish Life and Scottish Widows - who have each taken up to 200 licenses for their internal sales and IFA broker consultants to use.
Early users are enthusiastic about the solution. Peter Grant, an IFA at Weybrook Financial Management in Guildford, Surrey, says: "The mi-solution features, especially the suitability report, are effortless. 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."