Data Standards Working Group

Industry Working Group : Managed Accounts Data Standards

This page provides information about the Industry Working Group established to develop standards for exchanging Model data. The first meeting is scheduled for mid November 2017 and is expected to meet monthly.

Any progress and developments by the Working Group will be shared on this page and supporting pages.

Overview

The Institute of Managed Account Professionals (IMAP) has announced the establishment of an Industry Working Group to develop data standards for the exchange of managed account model data.

"With the rapid growth of managed accounts in the Financial Services Industry, model data is being electronically distributed between all participants. However, no standard is in place for the definition or formats for this data" said Toby Potter, Chair of IMAP. "This leads to bespoke development, greater risk of error and higher cost of integration."

Platforms and other managed account providers have developed proprietary approaches to the provision of model data. Managers report finding it difficult to meet these varying data requirements.

These challenges will increase as the number of managed account services increases.

Other industries have already developed standard data transfer formats, with planning software being an adjacent market example of widespread adoption of a single industry wide standard.

Since managed accounts are still a relatively new market, this seems the right time to establish a common standard said Potter. We are not trying to create a binding standard, but it will provide a useful incentive to prevent further proliferation in proprietary specifications.

IMAP is convening a representative working group to deliver efficiencies to the industry.

Committed parties to date include;

  • AMP
  • BT
  • Colonial First State
  • Financial Express
  • Lonsec
  • Macquarie
  • Morningstar
  • Netwealth
  • Praemium

 IMAP has also invited a number of additional fund managers to join the Industry Working Group.

Proposal to Industry Participants

Follow this link to view the full proposal and scope for the Working Group. 

If you wish to partake or have any queries on the Working Group feel free to contact Toby or Mark as shown below.

Enquiries

Toby Potter Chair This email address is being protected from spambots. You need JavaScript enabled to view it. 0414 443 236

Mark Perica Coordinator Data Standard Project This email address is being protected from spambots. You need JavaScript enabled to view it.

About IMAP

The Institute of Managed Account Professionals (IMAP) was formed to act as the nexus in this increasingly important industry. Our aim is to bring together advisers, managers, platforms and other managed account service providers to help build a better industry.

 

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Contact Us

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0414 443 236
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Australia