Challenger Financial Services has signed a three year outsourcing agreement with shared technology provider InvestmentLink to distribute client account information to its financial planning clients through InvestmentLink's e-Portfolio data service.
The agreement will use InvestmentLink's Web-based e-portfolio consolidation service to send daily updates of client account activity to the advisory software of advisors who use Challenger products.
As part of the deal, Challenger products will be available on InvestmentLink's oneclick online application service which allows advisers to apply for managed funds online.
Challenger administration and operations general manager, Hayden King, said the deal will allow data to be disseminated without building a support interface.
"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 because InvestmentLink does that job for us," King said.
InvestmentLink CEO, Peter Philip, said managing data feed distribution and format is a problem for suppliers and advisors.
"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," 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 themselves.
"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."
InvestmentLink provides a Web data distribution service on behalf of several wealth management product providers, including Perpetual, Netwealth and ING.
The service provides data to more than 10,000 advisers in 80 licensee groups, including Count Wealth, AMP, NAB and ING.