Michael Blomfield News Today

Iress has announced the departure of chief commercial officer, Michael Blomfield, due to health reasons.

The chief commercial officer and head of communications and marketing officer at Iress have announced their resignations.

Colonial First State has partnered with Iress to help it comply with the newly introduced ongoing advice fee obligations.

Colonial First State (CFS) will be the first investment platform to sign onto Iress’ new blockchain-based solution for managing advice fee consent.

The solution captures fee consent for ongoing service fee agreements through Xplan and is validated through blockchain in a bid to reduce time spent on administration and data entry for advisers.

Advisers ‘drastically’ changing attitude to technology Financial advisers are “drastically” changing their attitudes towards technology in their businesses, according to a BT executive. A A A recent survey conducted by the financial services company revealed some telling data, with over 200 providers spending on average $20,000 per adviser on technology. “We’re seeing a convergence of advice and technology,” head of BT’s Principals’ Community, Kon Costas, said in a virtual rou...

Iress teams with regtech for DDO solution Iress teams with regtech for DDO solution Iress has integrated with regtech provider Objective Corporation for its blockchain tool designed to store data required for ASIC’s new design and distribution obligations (DDO). A A The collaboration will supposedly allow product issuers to publish their target market determinations (TMDs) for products, created through Objective’s Keystone software directly into the blockchain solution – allowing distribu...

“We believe an industry-wide technology-based solution is required to materially reduce the complexity and cost of building and managing DDO obligations for the industry,” Blomfield said. “The breadth and interconnectedness of this regulation requires almost every part of the industry to find a cost-effective and scalable way to forge connections in what is a relatively short space of time.” The firm said it was well advanced in delivering a solution ahead of when the obligations com...

It is designed to allow advice practices and their technology providers to securely send data and fee consent forms to platform providers as well as manage return responses with any industry participant that implements the service. Commenting on the move, Iress chief commercial officer, Michael Blomfield, said the service had been designed in collaboration with the industry and leveraged blockchain technology to authenticate agreement at each and eery stage of the value chain. Matrix Planning S...