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MMC says it has improved the improved the investor experience for its Wealth Admin clients.
"It’s now been a little over 12 months since the ex-Aegis business was successfully transitioned from ASB to MMC. In that timeframe we have moved its entire infrastructure to the Cloud, integrated all of the people into MMC and re-branded to MMC Wealth Administration," it says in. social media post.
"We have made a number of operational improvements and have been busy upgrading the technology. New APIs, investor reporting capability, a first cut of a new Adviser Portal, and a series of other improvements have been successfully deployed to date."
Last week it announced another milestone – the release of its new Investor Portal.
"This is an important step towards improving the end-investor experience for our MMC Wealth Administration clients."
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The industry appears to embrace consolidated reporting technology largely based on price... accepting that the various options all provide unique positive & negatives. In the main, these technologies do much the same - making the administrative life of the industry a bit easier.
Whilst I often hear grumbles around all existing platforms, switching from one provider to another is a huge distraction to any financial services business, taking months to complete and leaving them exposed to heightened consumer & regulatory demands. The biggest catalyst for change appears to be a special price offer that makes the pain all worth it.
I wonder whether the industry is looking at administrative platforms through the wrong lens... and can't help thinking of what Xero did for the consumer / accounting relationship. Imagine an administrative platform where data / details are 'owned' by the consumer, who in turn provides the industry with various levels of administrative rights? How exposed would various industry participants be under this scenario?