As the launch of tax-free savings accounts approaches, Toronto-based Univeris has developed technology to allow advisors to integrate the new accounts into the technology platform they use to support their other wealth products.

Univeris has tweaked the enterprise wealth management system that it already offers to financial institutions, to allow seamless integration of the TFSA. It will also allow Univeris clients, which represent more than 16,000 financial advisors, to have the support platform up and running right away on Jan. 1, 2009.

“We are ready to work with our clients to set up their TFSA solution immediately,” said Simon Keogh, vice-president of product management at Univeris.

“Since the TFSA module is seamlessly integrated into the Univeris EWMS wealth platform, our clients have a single platform to manage TFSA alongside their mutual funds and other wealth products. This allows the back offices of our clients to be more efficient.”

The integrated platform will allow advisors to view the TFSA alongside investor registered and non-registered assets, giving advisors a complete picture of their client’s wealth holdings, Keogh said.

He also noted that it will allow the TFSA to benefit from compliance checks and balances that are built into the wealth management system.

The TFSA module includes all required forms and documentation, as the reporting requirements differ from that of an RRSP. It will also track and manage all contributions, withdrawals and account gains over time, so that advisors can work with their clients to ensure they effectively maximize contribution limits.

In addition, Univeris plans to expand the module in fall 2009 to include full government reporting requirements for the 2009 tax year.