Fidelity FundsNetwork has enhanced its online management information services for advisers, with the addition of two newly launched electronic reports, specifically designed to make back-office servicing easier.
FundsNetwork now offers over 20 different reports to advisers*, providing comprehensive management reporting for a variety of areas including sales, valuation and ISA contribution tracking. There are currently more than 750 firms** already using this functionality on the platform, with thousands of reports being generated each month.***
The new reports which are now available online via Reporting Services - the platform's online management information service, provide detailed analysis of the following additional areas:
- Annual Distribution Report: This provides a consolidated summary of all income and interest paid on unwrapped mutual funds within the tax year, making the gruelling process of annual tax returns an easier process for advisers.
- Consolidated Commission File: This report details all initial and ongoing commission paid to the adviser in one single report. It can be run daily, weekly, monthly or quarterly. The consolidated commission files are in the process of being integrated into a number of back offices allowing automatic reconciliation of statements - which is currently a time consuming activity.*
Rob Fisher, Head of Sales and Marketing, FundsNetwork, comments: "Providing easy access to data on FundsNetwork is key to making life easier for advisers. Commissions and income data are two of the most requested pieces of information and these new reports, in addition to the 20 we already produce, enable advisers to access what they need quickly and easily..
"Collating this data manually can take up valuable time. We hope that the introduction of these two new reports make the administrative burden more bearable for advisers and enable them to spend more time with clients."
Fidelity International Limited ("FIL") and its subsidiary companies serve the major markets of the world by providing investment products and services to individuals and institutional investors outside the US. The FIL Organisation manages a total of £143.0 billion of assets****.
*Source: FundsNetwork, 22 reports available to advisers online
**Source: FundsNetwork, 792 advisers already receiving reports
***Source: FundsNetwork, 3900 reports sent over 1st May-1st June period.
****Source: Fidelity as at 31.03.07