At the forefront of industry change
It is no surprise that whilst Cofunds has been expanding its platform proposition, the ongoing strategy of assisting intermediaries with consolidation and back office integration has been a key part of our approach. Cofunds puts considerable emphasis and investment into providing intermediaries with timely and in-depth data and information.
In fact over 150 intermediary firms take data from Cofunds on a daily basis.
The demand from Intermediaries to continually enhance the service they offer their clients has driven Cofunds to seek ever more innovative and more effective solutions. For example, Cofunds has worked closely with 1st Software to bring intermediaries detailed transaction histories. This integration of transactions from the Cofunds platform into Adviser Office delivers benefits such has the ability to provide regular and detailed statements of transactions, income reporting and CGT reporting.
Reconciliation of trail commission
The administration burden of reconciling trail commission when dealing with fund managers, who have different qualifying periods and payment methods, are all too familiar.
One of the key benefits of the Cofunds proposition is the consolidation of trail commission. In the past five years this has resulted in considerable benefits for Intermediaries, both in terms of streamlined administration and increased revenue.
Cofunds is also working on the launch of their e-commissions module which will import trail commission from Cofunds on a monthly basis resulting in automatic allocation of trail against clients and their portfolios. This also gives the added benefit of accurately and effectively assessing the future long term profitability of intermediaries' clients.
The Cofunds approach
Cofunds desire to remove the significant paper trail still in place for trading, administration and servicing is continually driving development and has already seen significant progress including:
- 75% of Cofunds bond quotes conducted online
- 50% of switch instructions received electronically
- 10,000 customer statements downloaded from the Cofunds website.
We continue to work closely with key intermediary firms and back office providers to develop new functionality and to continue to streamline the investment industry.
In recent years the platforms have become increasingly central ans so has the need for effective back office integration. 