The firm said its hub will also help advisers to enable the flow of transaction level data into the software systems they use to manage their practices and reduce the level of rekeying of data.
Sprint said the rationale behind the launch was to simplify the integration process for firms and platforms with adviser software providers. It said it has integrations in place with more than 20 platforms including the likes of Ascentric, Transact and AJ Bell, and is in talks with other major platforms.
Robin Brevan, chief executive of Sprint, claimed FINIO has significant benefits for advisers who need good, accurate data in the software systems they use.
“The evidence is compelling: for one of the platforms we’ve been talking to, the share of firms using this platform that (at their request) get data pushed into other software systems (back-offices, portals etc. etc.) has increased from around 10% in 2015 to 60% now. You can bet your bottom dollar that this trend will continue. FINIO facilitates that process by making it easy for platforms to connect with solution providers.”
Brevan also said that the hub automates some manual processes to save advisers time. Additionally, he said it will get data into those back-offices much quicker, “often as early as 7am on day two” to provide more up-to-date information.
He added: “It’s all about facilitating what the adviser wants which is getting data in all the software systems they use, and doing this in a way that saves them time, and in a way that gets them better data more quickly. And this is all at no cost to the adviser.”
Set up in 2010, Sprint is a supplier of investment workflow solutions to the UK financial advisory market. It introduced its Fastrak software in 2012, offering applications that enable advisers and wealth managers to review and report on client investments more efficiently.
Cynthia Poole, director of relationship management and business support at Raymond James, which has integrated with the hub, said: “We are delighted to partner with Sprint for their FINIO data integration hub solution, allowing us to significantly enhance our data integration capabilities for both intermediaries that introduce business to discretionary managers working with Raymond James, as well as for firms using our platform. The quality of the Raymond James data, combined with the rich FINIO capabilities, are a winning combination.”
Source: https://www.professionaladviser.com/news/4041074/sprint-launches-integration-hub-advisers