IRESS has continued to develop XPLAN into a world class financial planning application.

XPLAN has achieved the highest benchmark score for any financial planning application in the seven years of the Investment Trends Planning Software Report.

XPLAN was top rated, followed by Coin and AdviserNETgain.

The top rated Hybrid planning/platform integrated planning application was AdviserNETgain/Asgard.

FOFA development has been completed with a new development focus on engagement.

FOFA development has been completed with a range of enhancements to client service package management which give planners the ability to individually manage service package elements and control the level of reporting detail in client Fee Disclosure Statements.

The completion of FOFA development marks the end of several years of software development focussed on practice operations.

“Vendors have moved on from FOFA to refresh application interfaces, mobile functionality development and client engagement,” said Investment Trends Analyst Ian Webster. “Vendors are trying to improve planning efficiency by connecting planners and clients to practice workflow wherever they are.”

Vendors have moved to ensure their online applications are supported on tablets with IRESS and recently Coin releasing tablet apps with planner and client access.

IFAs, institutions and superannuation funds are using technology to deliver a range of scaled advice services.

The introduction of scaled advice has prompted the development of several new online planning applications and services as well as planning practices starting to use technology like video, social media and self-directed advice to develop new client relationships.

“Scaled advice may be an enduring legacy of the FOFA reforms,” said Ian Webster. “After several years focused on developing planning operations functionality for comprehensive planning, vendors are turning their attention to a broader range of advice delivery services.”

Provisio was surveyed as the best superannuation scaled advice application.

Projection based engagement has been a feature of superannuation fund websites for many years. In recent years financial calculators have been replaced by projection based self-directed advice recommendation services and call centre based scaled advice applications for superannuation advice provision.

“Provisio has been part of the development of superannuation advice technology for many years and has been joined by several other applications offering different approaches to scaled superannuation advice delivery,” said Ian Webster. “Rubik’s Proviso was surveyed as the best superannuation scaled application followed by Decimal and XPLAN Engage.”

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Brett Spencer

Rubik Financial Limited last week announced a new interface that integrates its wealth planning software COIN with Stargate Technologies’ loan management tool, SymmetryCRM, used by over 2,500 Australian mortgage brokers.

The interface will initially allow financial planners using COIN and mortgage brokers using Symmetry to push client information to each other’s respective platform.

It will include over 100 data fields, allowing for simple cross-referrals, saved data entry time and a seamless financial management experience for the customer.  Access to the interface will depend on collaboration agreements in place between planners and brokers.

Wayne Wilson, Rubik Managing Director Wealth, said the specially developed interface reflects the more holistic approach to debt management applied by brokers, and the increased focus on client acquisition for planning groups.

“We are delighted to work with Stargate Technologies to allow greater collaboration between advisers and mortgage brokers that enhances their ability to target, qualify and service clients,” Mr Wilson said.

“This is the first initiative that we and Stargate Technologies have developed for our combined market of professionals who operate highly complimentary businesses, and are likely to work more closely in the future as markets evolve.”

Brett Spencer, Stargate Technologies CEO, said the interface marks a big step in connecting two distinct segments of the financial services sector.

“We have worked effectively with the Rubik team to build a solution that brings together financial planning and mortgage broking through the sharing of critical information that would otherwise remain underutilised in siloes,” Mr Spencer said.

“We look forward to potential future projects with Rubik that allow for further collaboration between financial services segments.”

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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.”

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When its legacy software (VisiPlan and ProPlanner) and white label relationships are taken into account, IRESS is the main planning software supplier for 45% of planners. COIN is the second-most widely used with 23% of planners using it as their main planning software.

The April 2012 Planner Technology Report is an in-depth study of Australian financial planners and their technology needs. The study is based on a survey of 1,412 financial planners concluded in April 2012.

AdviserNETgain takes the lead in overall satisfaction as industry level satisfaction hits a four year high
55% of planners now rate their main planning software as ‘good’ or ‘very good’, up from 52% in 2011 and the highest level seen in four years.

“As an industry, planning software providers increased satisfaction fastest with integration with platforms, the production of comprehensive financial plans, and ease of use and improved user interface design playing major roles,” said Investment Trends Senior Analyst Recep Peker.

“This is reflective of the development work undertaken in these areas over the last 12-18 months.”

Among primary users of software (independent of relative size):

• AdviserNETgain received the highest average overall satisfaction rating, achieving particularly strong ratings for user interface, integration with platforms and production of client review reports. AdviserNETgain also received the highest rating for ‘value for money’.
• COIN saw the fastest increase in overall satisfaction from 2011, with notable gains to satisfaction with the production of comprehensive financial plans, ease of use and integration with platforms.

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