Financial planning software provider IRESS has beaten other adviser software for overall performance with its Xplan 2 offering, according to researcher Investment Trends.
Of the eight software programs used most often by planners, Xplan 2 scored an overall 89 per cent, with the Macquarie-owned Coin Office in second place (85 per cent), and the BT Financial Group-owned AdviserNETgain (75 per cent) in third.
Investment Trends analyst Ian Webster said programs had focused on improving and consolidating existing functionality rather than introducing features last year.
Waiting for the government’s Future of Financial Advice (FOFA) reforms had “overshadowed the development of new applications”, Webster said.
However the successful redevelopment of the AustralianSuper member portal with the MemberDirect client transaction and reporting service showed that direct-to-client development would be important this year.
Webster commented on standout features in the winners. Xplan 2’s new point and click interface improved the product, as did support for an “advice container” approach to codify best-interest compliance.
Coin Office, while second overall, was rated first for statement of advice production.
The ‘open platform accounts’ module provided a “consistent interface to insurance and investment platform applications, improvements to TTR [transition to retirement] and debt recycling strategy support and an innovative death or divorce account splitting feature”, Webster said.
AdviserNETgain, third overall but first for integration with an investment platform, AdviserNETgain completed integration with BT Wrap.
Webster said the program had “continued to lead development of functionality for supporting clients moving between different levels of planning services and multiple client operations support”.
Commenting on overall trends, Webster said 2011 saw a shift to institutions’ planning post-global financial crisis and FOFA. This was a move away from technology driving new features for planners’ interests and concerns.
Software development was more concerned with application improvements rather than an “industry-wide shared view of feature development”, Webster said.
The report found high net wealth client support for multiple entities extended throughout applications, while tax rate changes and levies had complicated modelling projections and encouraged better strategic advice support for TTR and debt recycling.
Online and application development included client engagement, risk, scalable advice fulfilment and direct-to-client applications, the report found.
Webster said FOFA would increase activity and use of these applications by planners, retail and industry fund member portals, and call-centre-based advice services this year.
