Midwinter, SuiteBox provide opt-in solution

Midwinter managing director Julian Plummer announces new FOFA update to AdviceOS.


By Jerome Doraisamy

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Technology providers Midwinter and SuiteBox have partnered to produce an integrated solution to issues financial planners have been experiencing with opt-in requirements following the passage of amendments to the Future of Financial Advice legislation last year.

The update to Midwinter’s AdviceOS system came in response to calls for greater efficiency, with Midwinter managing director Julian Plummer noting: “We understand the frustration planners have about having to undergo the opt-in process and how time-consuming it can be.”

The integrated solution for AdviceOS means advisers are now able to conduct online meetings, share screens with clients and sign documents electronically, recordings of which are all saved automatically to AdviceOS.

The capacity for electronic document signing via video will now allow for and include a video recording of a client undertaking the process of signing a document, including standard opt-in documents, which can be acknowledged and signed and then saved to client records that are accessible on AdviceOS.

Electronic document signing within a video meeting will also let clients opt in remotely, assuming they consent to the provision of information electronically.

In response to queries from financialobserver around compliance aspects of the technology, SuiteBox chief executive Ian Dunbar said: “The renewal notice must be provided in writing and the client must respond to the notice in writing.

“Using SuiteBox enables all aspects of this process to be tracked digitally, as well as providing the video-based substantiation of the identity of the responding (signing) party.”

The updated features went live yesterday, completing the integration between SuiteBox and AdviceOS.

“It’s exciting to be able to tick this one off our list as we know there is a great demand not only to cut down the time and effort it takes for both planners and clients to complete opt-in requirements whilst still remaining compliant, but also to provide both with new methods of advice delivery,” Plummer said.

Dunbar described the partnership between Midwinter and SuiteBox as “a great example of Australasian fintech companies collaborating to support the transformation of the industry”.

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