Avelo Exchange Enables Adviser Charging Ahead of RDR

19 October 2012

Leading financial services technology solutions provider Avelo has implemented new functionality to enable users of its market-leading Avelo Exchange Portal to request quotes with adviser charging well ahead of the RDR deadline.

The move means advisers currently operating a fee or adviser charging model will be able to use the new functionality immediately for pensions quotes where RDR ready products based products are already available. Users who are yet to move to a post RDR charging model will have the opportunity to familiarise themselves with the new process ahead of the 31st Dec deadline (but can continue to quote on the existing commission basis). Standard Life is the first Provider to have an adviser charging product available on Avelo Exchange, and has selected the portal to launch its amended product. Outside of Standard Life’s extranet, Avelo Exchange portal is the only place advisers can obtain a quote for their Active Money Personal Pension (AMPP) product.

The updated quotes service has been developed to ensure that, post-RDR, advisers will be guided towards the correct quote based on the breadth of advice and charging options selected. A new remuneration screen captures breadth of advice and whether commission or adviser charging is being paid to ensure the correct type of quote is requested.

In addition, advisers also have the option to calculate quotes for adviser charging based on whether the charges are being paid directly or facilitated elsewhere.

The service will enable advisers to continue to quote on a commission basis after RDR where applicable i.e. for Execution only.

Paul Yates, Product and Strategy Director, Avelo commented: “Financial advice as we know it will be very different from 31st December. Advisers will be making significant changes to the way they work and need all the support they can get. Adviser charging is a particularly important area for many as they try to coordinate new and renewal business as well as managing business that still operates on a commission basis.

“We are excited about the changes and felt it was important to give our users access as soon possible to familiarise themselves with the new functionality. As providers complete their testing, more products will become available over the coming weeks”

The Annuities services will be the next quote service on the Exchange to enable adviser charging with products available at the end of October 2012. Bonds are the third and final service, with products available in November 2012.The upgrade to the portal follows the recent release of the latest Adviser Office version, including provision for adviser charging.

Earlier this year, Avelo launched the Ready4RDR.com online resource, providing a one-stop-shop for insight, opinion and practical help from Avelo business and technology experts, plus the thoughts of leading industry commentators and other useful resources.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development