Adviser service provider releases new automated identity verification feature

Boutique Advisers Alliance has launched a new automated identity verification feature for its custodial platform

Adviser service provider releases new automated identity verification feature

Service provider, Boutique Advisers Alliance (BAA), for independent financial advisers has added a new automated identity verification feature to its custodial platform, to streamline the process for advisers and their clients.

Claiming to be one of the first in New Zeland of its kind on a live platform, BAA Platform Manager, Tim Rowe, says the new feature will save time and make life easier for advisers.

The online anti money laundering (AML) verification is integrated into the custodial platform, making the process of providing proof of identity and address simple.

“The service, within the platform, means you don’t need to collect physical documents. You simply fill in the details and it will be verified online,” Rowe says.

“This eliminates paperwork and saves time spent collecting and verifying documents from clients.”

Rowe says the BAA is always seeking new ways to improve its platform and make it easier for advisers to do their job.

“Often clients can live far away and getting copies of documents can be difficult, logistically, if the client and adviser are not in the same place. This feature also improves the experience for the client," says Rowe.

Identify verification for Trusts and Companies can also be time consuming, as proof of identity is needed for each trustee or director. The new feature will also streamline this process, removing the paperwork and speed up the entire process. 

“Another issue is that proof of address must be an original letter. Nowadays, many people don’t get paper statements in the mail and this complicates things further.”