Marvin OnumonuOmnicore, the integrated distribution platform of Fintel Services, has agreed a new partnership with Pension Lab, a provider of digital Letters of Authority (LoA) technology.
The deal will give advice firms across Simplybiz and threesixty access to Pension Lab’s digital LoA platform through Omnicore’s connected services.
Pension Lab’s technology allows advisers to submit, track and receive LoAs digitally, removing the need for paper forms and cutting down on waiting times and manual processes.
Fabian Wiesner (pictured), managing director of omni invest at Omnicore, said: “Letters of Authority remain one of the most time-consuming and frustrating tasks for advisers.
“Every provider uses a different format, meaning that even a straightforward client case can require multiple forms to be completed, submitted, and chased, each to its own SLA.
“It’s a slow, manual, and highly fragmented process.”
Wiesner added: “Our partnership with Pension Lab offers Simplybiz members and threesixty clients access to proven technology that removes much of that administrative burden and accelerates turnaround times for advisers and their clients.
“Pension Lab is already widely recognised in the market for its award-winning approach to LoA automation and, importantly, for its work to drive standardisation across the industry.
“They are genuinely solving a real problem, and continuously improving how they do it – that’s why they make such a strong strategic partner for us, and are invaluable in freeing up more of advisers’ time to concentrate on delivering good outcomes for clients.”
Scott Phillips, CEO and founder of Pension Lab, said: “We’re committed to solving the long-standing challenges around Letters of Authority, as shown through our industry initiatives and the continued evolution of our digital LoA platform.
“Partnering with Fintel accelerates that mission by helping more firms remove friction from the advice process and move confidently towards a digital-first future.”
