“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:

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.”

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.

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OnPay Product Manager, Gundeep Sidhu said, “We are very fortunate to attract a talent of Kaz’s calibre and we are sure our clients will benefit from her extensive knowledge and experience.”

Launched in May 2015, OnPay helps Australian licensees and advisers take control of their fees and commission data, enabling them to quickly and efficiently process fee and revenue data, generate informative reports and metrics and distribute income regularly. It also allows licensees and advisers to consolidate fee data from dozens of sources. The OnPay application is developed by the team behind award-winning AdviserLogic software.

Ms Farnell said she is delighted to be joining OnPay and is looking forward to working with such a focused team. “It is very exciting to come on board with OnPay and help further develop and enhance this fantastic new software,” Ms Farnell said. “Our aim is to simplify the remuneration process and to provide our clients with concise business reporting and ease of use.”

With a wealth of experience in the field of commissions and revenue management software, Ms Farnell previously managed Easy Dealer/Easy Brokerage products at Rubik.

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“What this does is enable seamless connection of OnPay fee and commission data to clients in the AdviserLogic CRM system,” said Gundeep Sidhu, Managing Director, AdviserLogic and Product Manager, OnPay. “In modern applications this type of data integration is achieved by the use of open APIs.”

In order to accept OnPay data, AdviserLogic has put in place a system to connect with OnPay’s open API. “This allows the fee and commission data files to be available in the adviser’s CRM system, without any manual interference,” Mr Sidhu said. “In this instance, the AdviserLogic CRM allows the management of FDS and Opt-In information with proper record keeping of client communication.”

Mr Sidhu said the integration is another example of how OnPay and AdviserLogic are on the path to bringing additional efficiencies to the financial advice industry, at both the practice and licensee level, and helping advisers to run complying practices.

“FDS and Opt-In are essential compliance pieces that need to be configured into what is an already complex jigsaw puzzle,” Mr Sidhu said. “There is still a lot of skepticism around the implementation of compliance functions from a licensee’s point of view and to be fair there are no easy answers for many questions such as how to deliver information effectively to clients, keeping records of client wishes and communicating the outcomes to the respective product providers and other service providers. What we are doing at OnPay and AdviserLogic is continuing to build solutions that help implement various aspects of these complex pieces.”

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Developed by the same team behind AdviserLogic software, which has over 50 years combined experience in financial services and technology solutions, OnPay was built from the ground up and has the ability to customize the needs of both large and boutique Australian Financial Services Licensee (AFSL) business structures.

OnPay product manager, Gundeep Sidhu said the resulting system is flexible, transparent and intuitive and can grow and adapt to changing business needs.

“We believe OnPay takes revenue management to new heights,” Mr Sidhu said. “The increasing burden on licensees and advisers in terms of fee disclosure requirements and potential new regulatory requirements, means OnPay will become increasingly more important to the sustainability of licensee and advice businesses.”

OnPay enables licensees and brokers to quickly and efficiently process fee and revenue data, generate informative reports and metrics and distribute income regularly. It allows licensees and brokers to consolidate fee data from dozens of sources.

“With requirements looming around continuous disclosure fees and revenue, we believe having cloud-based, easy-to-use and reliable software to manage payouts will become essential,” Mr Sidhu said.

OnPay collects information from insurers, managed funds, platforms and loan products, and systemises the process of determining where fees are to be paid to enable all parties to navigate it at the one location and ensure accuracy of data.

“The task of revenue management is an administrative requirement but it is also about generating continuous business analytics. Efficiency, specifically around uploading and extracting data, is therefore at the heart of the system.”

Phaedra Hackles has been promoted to manage the distribution of OnPay. Ms Hackles has been with AdviserLogic for more than six years and formerly headed up sales at AMEE Group, where she was responsible for the Easy Dealer/EasyRevenue product.

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AdviserLogic wins ‘Ease of Use’ award

AdviserLogic Managing Director, Gundeep Sidhu, says the fact that AdviserLogic was specifically designed from an adviser perspective to help advisers cope with the day-to-day functions and challenges of providing advice is, he believes, the overriding reason AdviserLogic took home the Ease of Use Award in the recently-released 2014 Investment Trends May 2014 Planner Technology Report (the Report) based on a survey of 1038 financial planners. The Report found that the number one most common area advisers want their planning software to improve is ease of use.

“We have an obsession with helping advisers be the best in front of both their existing and new clients,” Mr Sidhu says. “Our goal from day one was to not only help make life more efficient and compliant for advisers and their staff, but to also help them identify more opportunities within their existing client base.”

Mr Sidhu says AdviserLogic received the highest user satisfaction ratings for usability, speed, stability and integration with platforms. “These are all things we think are integral to running an efficient practice.”

The Report indicated that 73 per cent of AdviserLogic clients found the AdviserLogic solution to be ‘good’ or ‘very good’ for ease of use. “Our understanding of how advisers work, the roadblocks they can face, their day-to-day needs and the importance of when they need it are things we continually look to improve,” Mr Sidhu says. “We created AdviserLogic to make Customer Relationship Management the central hub and everything else is built around it. We believe this is what makes it so easy for advisers to use and adapt as a key tool.”

Mr Sidhu says advisers also find AdviserLogic an easy system to learn. “They quickly acquire the knowledge required to use the system correctly which means they are forming the correct habits in relation to compliance and day-to-day handling of data,” he says.  “This makes a huge difference when managing evolving relationships with a large number of clients.”

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