IRESS has developed XPLAN into a world class financial planning application that is now exported to several countries.
Rated the leading Australian financial planning application in 2012, IRESS has extended its functionality lead over Coin and AdviserNETgain with a vigorous development program though out 2012. \
Apart from FOFA, development has been directed at making complex functionality easier to use in a daily planning practice and supporting online scaled advice client engagement. XPLAN is the first planning application to support client engagement using social media with integration of popular social media platforms and services into their Adviser Desktop.
With the introduction of FOFA this July, planning software development has focussed on FOFA functionality with most applications also further developing risk product support responding to the continued importance of risk to many planners
New FOFA planning functionality took more than 50% of new development effort for most planning applications last year and this is likely to continue through 2013 as planners begin to use a FOFA compliant planning processes.
“Much of this year’s development activity was associated with the development of a client service package model layered on top of existing workflow functionality to generate the data for FOFA compliance.” said Investment Trends analyst Ian Webster
Developers also focussed on risk support and implementing an unusually long list of legislative changes to tax rates, allowances and benefits following the government’s 2012 mid-year budget. AdviserNETgain has continued to lead development efforts to improve planning efficiency.
Leading application developers’ approach to FOFA is based on a client service package model supporting client service level agreements
While some of the smaller developers and some platform aligned applications have taken a wait and see approach to implementing FOFA, the three leading applications – XPLAN, Coin and AdviserNETgain, have implemented similar approaches with client service level agreement based processes providing the data for fee disclosure statement production and “best Interests” test compliance.
“This approach extends an unprecedented level of application monitoring and disclosure to every part of planner’s daily planning activities.” says Ian Webster. “The introduction of client service package based planning is likely to be as significant a change to planners’ activities as the introduction of Approved Product List functionality several years ago.”
The Rubik acquisition of Coin will result in two new planning applications based on Coin Office from two experienced development teams
Following the sale of Coin Office to Rubik, two planning applications will be developed from the Coin Office 4 code base by Rubik and Macquarie Adviser Services to support new approaches to advice provision by institutions and the broadening market for advice provision. Rubik will develop a Coin based planning application for institutions and its international clients while MAS will develop Macquarie Visor for a range of IFA advice provider markets.
“Despite industry consolidation, planning and advice application development is now more vigorous than it has been since the first half of the previous decade.” says Ian Webster. “Scaled advice and direct to client applications will be the focus of planning application development in 2013.”