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Challenger partners with InvestmentLink
Challenger Financial Services has signed an exclusive agreement with InvestmentLink to distribute client account information to Challenger's financial planning clients through InvestmentLink's e-Portfolio data service.
The agreement means that advisers that use Challenger products will be able to receive daily updates of client account activity into whichever adviser software they use. The service will utilise InvestmentLink's web-based e-Portfolio Consolidation Service, which supports all the popular software products on the market.
Challenger's General Manager, Administration and Operations, Mr Hayden King, said: "This agreement enables us to provide timely and accurate data to all our clients without the need to build, maintain and support data interfaces to desktop systems directly. InvestmentLink does that job for us, and we can concentrate on our core business."
InvestmentLink provides a data distribution service on behalf of several popular wealth management product providers, including Perpetual, Netwealth and ING. The InvestmentLink service distributes information over the web and allows product providers to save costs by outsourcing this specialised and highly technology intensive task. The service provides data to more than 10,000 advisers in 80 licensee groups, including Count Wealth, AMP, NAB and ING.
InvestmentLink's Chief Executive, Mr Peter Philip, said: "Outsourcing is the most cost-effective way for product providers to distribute client data, because it removes the technical and support overhead of trying to do it all themself.
"Despite commentary from some software vendors about data feed standards, managing and distributing client data continues to be a real hassle for both product suppliers and the advisers who need this information in a variety of formats - for a variety of uses."
The agreement also means that Challenger products will be available on InvestmentLink's FundClick online application service, bringing the number of online applications available to 110. FundClick allows advisers to apply for managed funds online, dramatically cutting down on the time required to complete a transaction and eliminating the chance of errors.
"I am delighted to be working with Challenger to help bring real e-commerce efficiency to the financial planning marketplace for both distributing information and conducting transactions," said Mr Philip.
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