The problems to be solved
The revenue data processing problem
Advisers provide financial advice to their clients in regard to investments, mortgages and insurance. Each individual client's financial situation is different and there are a range of products from different product providers that may best fit the needs of a particular client.
Consequently the range of products and providers that an individual adviser needs to interact with can be non trivial. With the client's permission advice fees can be paid via the provider. Fees can also be paid directly from the client.
For both of these scenarios revenue statements in a variety of different formats need to be processed regularly to calculate and reconcile adviser fees. This is not a trivial process if done by hand and represents a huge operational problem, even for small advice practices.
The regulatory compliance problem
In addition to the revenue processing requirements for accounts receivable, accounts payable and financial performance requirements there are now major new challenges around compliance with the new regulatory requirements placed on the shoulders advice practices and the financial advisers that work for them.
The solution: Feezily
Solving the revenue data processing problem
Feezily can solve these problems because it understands how to automatically extract the revenue data from revenue statements produced by over 60+ Australian financial product providers.
Simply upload your provider revenue statement files and all revenue details are extracted into Feezily, ready to be used to generate:
- Revenue Charts
- Revenue Reports
- Invoices that can be imported into accounting systems (e.g. Xero)
- Revenue data feeds into third party CRMs, Portfolio platforms, Compliance apps, Advice workflow apps
Solving the regulatory compliance problem
While Feezily does not itself directly generate the required SOA, FDS etc., documents, it integrates with multiple third party solutions that do and can also provide raw revenue data in CSV or XLS format for those that want to create their own SOA, FDS etc., documents using traditional spreadsheets, word processors or other in house systems.
The generation of these documents requires revenue details - which Feezily can provide. Feezily can provide integrated revenue data feeds to a variety of third party applications, platforms, CRMs which use the revenue data produced by Feezily to produce the documents required for compliance.
Third party integrations
Feezily is currently integrated with the third party fintech products shown below.
Revenue data processed by Feezily can be sent directly to these products empowering them with the revenue data they need to, among other things, generate advice related documents to satisfy regulatory compliance.