Non-Compliance in Finance Industry Combatted with Launch of Australian Technology

MEDIA RELEASE
For immediate release
23 October 2018

SYDNEY, AUSTRALIA – Umlaut is excited to announce the launch of AdvisorForms, an industry-first paperless form platform designed for the financial services market. AdvisorForms makes it easy to digitally collect, securely store and analyse key client data via a central portal.
Purpose-built to meet the needs of advisors, accountants, brokers and other finance industry professionals, the platform facilitates the capture and management of mandatory data, ensuring all Australian compliance standards are met.

AdvisorForms was launched on 08 October, 2018 after successful trials across the industry.

Co-director Scott Brewster said Umlaut noticed demand for a system that secured client data.

“Having a system like AdvisorForms in place, firms can be sure their client data is not only correct and up-to-date, but securely stored and safe from threats. For example, advisors can make certain fields mandatory to ensure that data that’s required for compliance reasons is always collected. The forms are also reviewed with the client to avoid errors.”

With backgrounds in data and finance, Umlaut Directors Shane Reid and Scott Brewster have experienced first-hand the frustration of multiple systems, disordered data management and lax security. They say they created AdvisorForms to help finance professionals save time on data entry and stay on top of increasingly rigorous compliance standards.

“Advisors are spending hours scanning and manually entering data into their systems. We wanted to create something that would reduce the administrative burden and get rid of huge piles of paperwork. There’s no point spending hours typing data into the system when it can be done digitally in significantly less time,” said Co-director Shane Reid.

Clients, too, benefit from the collaborative nature of the online form portal. The system helps existing clients sidestep paperwork without compromising the validity of their details.

“We wanted to walk in the client’s shoes,” said Shane. We were hearing how frustrating it is for clients who’ve been with an advisor or accountant for years to receive a blank form to fill in. AdvisorForms syncs with advisors’ systems and sends out pre-populated forms for existing clients to review, rather than starting from scratch.”

The digital form platform is specifically designed for integration into specialised, market-leading systems.

“We knew it needed to sync with other systems advisors were using, so we’ve facilitated integrations with all the major players – from MYOB and Xero to Xeppo and XPLAN – but we can also create custom integrations for other systems,” said Scott.

AdvisorForms is suitable for small, medium and large-scale finance firms. Find more information about AdvisorForms at advisorforms.com.au.

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ABOUT UMLAUT
Umlaut is a Sydney-based data management firm that delivers holistic, integrated solutions to businesses in the financial services industry. Their strategic approach brings together software, services, and cutting-edge technologies. Solutions are tailored to address specific business challenges and meet the compliance requirements of Australian organisations. Find more information at umlautit.com.au.

CONTACT
Shane Reid
Director
0416010455
[email protected]

Umlaut Head Office
1300 80 95 80
[email protected]

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