IFA Dataflow was formed in 2003 and we are based in Cheltenham – you can read our team profiles here.
What we do: Commission Statement Data Capture Service
The major suppliers of Client Management Systems (CMS) have invested heavily in e-business functionality. One of these areas is commission reconciliation. The commission module matches the commission payments received by advisers and those payments are reconciled against expectation. This allows adviser firms to accurately determine revenue and determine individual adviser commissions.
For these modules to work at their most efficient the data has to be available. Many providers and fund manager supply data electronically and where this is available, it is used. However, electronic data is not always available. Some providers only provide data from some systems and some fund managers and providers do not provide electronic data at all. In this instance, the information is sent to Advisers as a paper commission statement or an image format such as PDF.
Advisers who have invested in e-commissions achieve improved efficiency for the bulk of transactions, but an irritating rump remains to be manually keyed. Much of the business efficiency provided by the investment in e-commissions for these statements are then lost because the adviser has to manually input each commission line. Manual commission reconciliation is labour-intensive and expensive.