Key findings of the 2015 Investment Trends Planning Software Report

From
  • IRESS has continued to develop XPLAN into a unified wealth platform

  • Decimal was awarded best superannuation scaled advice application

  • The 2015 innovation award went to Infocus Platformplus for analytics using peer benchmarking to promote best practice

  • Automated investment advice functionality is coming to most planning applications

  • Scalable advice and client advice engagement technology are the beginning of a new generation of multi-channel advice delivery applications

The December 2015 Planning Software Report, released to Investment Trends’ clients last week, is an in-depth study of the advice solutions used by Australia’s financial planners. This year’s study highlights a number of interesting trends:

IRESS has continued to develop XPLAN into a unified advice services delivery platform

XPLAN was the top rated financial planning application in 2015, achieving the highest score recorded in the eleven years of the Investment Trends Planning Software Report. It is followed by Rubik COIN and AdviserNETgain. The top rated Hybrid planning/platform application was AdviserNETgain and Asgard.

“XPLAN continued to develop a full range of planning services for dealer groups, from private wealth to robo-advice,” said Ian Webster, Technology Analyst at Investment Trends. “XPLAN is leading the way for all comprehensive and component planning applications by offering the engine to support a new generation of multi-channel applications.”

Decimal was awarded best superannuation scaled advice application

Superannuation fund intra-fund advice technology emerged from a previous generation of Australian fintech developers led by Rubik Provisio and Decimal.

“The deployment of Decimal at Mercer and QSuper is a significant milestone for intra-fund advice technology,” said Webster. “Decimal has demonstrated that enterprise grade intra-fund advice functionality should be deployed alongside super administration platforms.” 

The 2015 innovation award went to Infocus Platformplus for analytics using peer benchmarking to promote best practice

Recent years has seen a steady increase in the development of dealer group and practice level analytics for revenue, products and processes.

“Using peer benchmarking and reflective practice is an emerging approach to professional development in many other professional service industries,” said Webster. “Platformplus’s use of peer comparison process is an innovative approach to ongoing professional planner development.”

Automated investment advice functionality is coming to most planning applications

Adviser efficiency is a key driver of planning technology development. New fintech automated investment portfolio services are influencing functionality development for comprehensive planning applications. Both XPLAN and AdviserLogic have introduced planner directed automated product replacement functionality to improve efficiency and support multi-channel advice services delivery.

The other significant advice functionality development in 2015 is the use of new insurance data to create a single comparison market for group and retail insurance products. This gives advisers more flexibility to choose the structure and select risk products that suits their clients’ needs.

Scalable advice and client advice engagement technology are the beginning of a new generation of multi-channel advice delivery applications

Post FOFA, the focus on client engagement is expanding the range of technology services advisers are using to complement their advice delivery applications. Support for structured onboarding processes, communications management, meeting bookings and integration with client desktops are being provided by third party business services providers.

The beginning of a new generation of multi-channel advice delivery applications are emerging from developers. These look to narrowing and generalising advice scope to achieve the efficiencies necessary to deliver mass market advice services.

“Both established and new fintech developers are looking to broaden the market for advice services,” said Webster. “The established advice services technology providers – XPLAN, Rubik, Midwinter and AdviserLogic – will all respond to the challenge of the new generation of fintech developers with significant new multi-channel advice services in 2016.”

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