IRESS makes big breakthrough with Commbank
Major financial planning software provider, IRESS has reinforced its market dominance via an agreement with the Commonwealth Bank which will see it rolled out to all the bank's advice divisions.
The Commonwealth Bank Wealth Management Advice business announced today it had agreed with IRESS to extend use of the software beyond Count Financial nd the Commonwealth Bank's Business and Private Bank to all Commonwealth Bank Wealth management licenses including Commownealth Financial Planning, Bankwest Financial Advice and Financial Wisdom.
Confirming the deal today, Commonwealth Bank Wealth management executive general manager, advice, Marianne Perkovic said the objective behind the strategic partnership was to leverage the technology to deliver a simpler and more engaging way to offer advice at a lower cost.
Under the arrangement, the technology solutions that will be provided to WM Advice financial advisers will include the IRESS XPLAN platform and IRESS' new XPLAN Prime solution, with the Commonwealth Bank being the first company to use XPLAN Prime to deliver an integrated scaled advice solution.
According to the announcement, the transition to IRESS technology will take approximately two years to complete and will bring all WM Advice licensees onto the same advice platform, making future development easier and more cost-effective to implement.
It said the agreement with IRESS followed an extensive Request for Proposal (RFP) process which included submissions from a number of leading domestic and international financial planning software vendors.
AUTHOR
Mike Taylor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
