AdviserLogic launched its revenue management system 12 months ago to assist licensees in managing commissions and fees efficiently in the FDS and opt-in era. It has received resounding response from the user groups who have made it their system of choice.
“Revenue management can be painful for Dealer Principals and administration staff. Having the ability to pay advisers on time, every time with the minimum of effort can make a big difference to the success of a licensee’s business and profitability.
“We believe that the answer lies in implementing much more efficient business processes for providing advisers with regular income and statements. Any tools, like PayLogic, that reduce hands-on data input and back-office monitoring will improve practice efficiency and adviser network morale,” said Gundeep Sidhu, Managing Director, AdviserLogic.
Two of the groups who implemented PayLogic over last year (known then as OnPay) have been particularly pleased with the productivity gains and ease of implementation:
1. Peter Rheinberger, CEO, iPraxis stated:
“Technology is changing at speed in the financial services sector. I have used each of the leading software systems in the market and also created our own systems. My decision to use AdviserLogic/PayLogic was driven by our need to have a dynamic, nimble, easy-to-understand advice, licensing and payment platform that would support a rapid growth business.
Our experience with AdviserLogic/PayLogic has been collaborative and successful.”
2. James Sutherland, Director, Myonlineadvisers, said:
“When we started the dealership back in 2012, we wanted our adviser payment process setup properly right from the beginning. As there were really only two options back then, we chose the one that seemed best suited as it was an online system … little did we realise how clunky this system really was or grasp the amount of time taken each payrun to get the data into the system.
“Switching to OnPay has given us the opportunity to create efficiencies in our payment process which is particularly important as we pay our advisers weekly. We needed software that is reliable, efficient and easy to use. The technological efficiencies are saving us approximately 50% more time than we were spending on our previous payment process.”
Payment systems are not all electronic … yet
Ideally, payments and statements are received electronically in a uniform format. Whilst this is not always the case, nonetheless technology solutions have to be flexible and accommodating to capture the information as and how presented.
“The team supporting PayLogic has developed its own schema framework to map the complex and often arcane payment methods used by over 300 different product providers for their thousands of underlying financial products. The skill is in using the schema to unravel the complexities and create a simplified payment structure which can be driven by flexible payment rules framework. The key is in the core reference point; we’ve changed the data architecture so that the core reference point is the adviser.
“PayLogic has simplified procedures for many of the major products that are regularly used by advisers and is building a library of schemas that quickly encode payments from previously unfamiliar payment systems,” said Mr Sidhu.
PayLogic has built-in features where the users can store product provider related information be it the statement passwords or instructions how to obtain the statements. The aim being to reduce key person risk for these mundane functions.
Gundeep Sidhu
Managing Director
gundeep.sidhu@adviserlogic.com
m: 0414 584 531
www.adviserlogic.com