The 2013 Investment Trends Planning and Advice Applications Report found that the year marked the end of enhancements to client services package managements that gave planners the ability to control elements such as reporting detail in fee disclosure statements.
“Vendors have moved on from FOFA to refresh application interfaces, mobile functionality development and client engagement,” Investment Trends analyst Ian Webster said.
“Vendors are trying to improve planning efficiency by connecting planners and clients to practice workflow wherever they are.”
Instead, advisers, institutions and superannuation funds are focused on scaled advice, which Mr Webster said “may be an enduring legacy of the FOFA reforms”.
The report also found that software providers have embraced technology changes, with IRESS and Coin releasing tablet apps with planner and client access.
Mr Webster said that of the planning applications in the Australian Market, XPLAN has emerged as the top rated Australian planning application for 2013.
AdviserNETgain was recorded as the top rated Hybrid planning/platform application and Provisio was surveyed as the best superannuation scaled advice application.
“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,” Mr Webster said.
