Financial planning software can be used to accelerate fund inflows.
Savvy software can boost superannuation fund flows by making compliant super-switching easier, according to an IT expert.
Financial advisers must satisfy three Corporations Act requirements when recommending products - the suitability rule, subject matter rule and appropriate advice rule.
Back 2 Basis software achieves this, Midwinter Financial Services managing director Julian Plummer told delegates at the Australian SuperFunds Summit 2008 in Sydney yesterday.
Using a fact-finder completed by an adviser, Back 2 Basis produces statement of advice on superannuation fund and pension switching, transition to retirement, multiple gearing strategies and complex retirement modelling.
ASIC clamped AMP and First Capital in July 2006 and May 2007 respectively with enforceable undertakings after inappropriate super-switching was uncovered.
Dealer groups wary of this can use the program to police their authorised representatives' advice.
Licensees using the software can create an instant report on advice given by a particular planner categorised by funds under management, product or strategy.
"This new style of financial advice software will transform [superannuation] fund flows. It will make fund switches easier and more reliable," Plummer said.
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