Midwinter, Xplan add cash flow management tools
Financial planning software provider Midwinter will provide cash flow management tools to its users after signing a deal with accountancy software provider Xero.
Midwinter managing director Julian Plummer said data gathered from the tools would flow directly into the planning tools of its AdviceOS software and would pre-populate fact find tools already available to planners.
Plummer said Xero's Cashbook service would link to a client's bank account and categorise transactions for cash flow and tax purposes in real time and allow financial planners to become a spending coach for their clients.
"This type of tool overcomes the cost of advice issue and lifts the value of advice proposition for the adviser and is a push in the direction of scaled advice," Plummer said.
The service will be available for Midwinter users from January 2014 and is the first move into the financial advice space for Xero, which provides online accounting tools and software.
The move coincides with similar moves by Xplan, which is also building out its cash flow management tools, choosing to build them in house.
IRESS senior business development executive Michael Kinens said Xplan would automate data feeds from banks accounts and would also add information from credit and savings accounts.
Kinens said the cash flow tools was aimed at providing advisers with tools to service income rich but asset poor clients and move them from entry level into scaled advice.
AUTHOR
Jason Spits
Recommended for you
HUB24 has taken an equity stake in Finura Group’s digital arm to accelerate the development of its SaaS platform, triggering the separation of Finura’s advisory business.
Coastal Advice Group has announced a rebrand to mark the next phase of the firm as it pushes to hit a target of 15 acquisitions in FY25-26, expanding its national reach across Australia.
Despite the advent of new advice technologies which promise to streamline the adviser-client relationship, research by Praemium and CoreData has found the trust and human relationship is most valued by clients.
The FAAA has written to over 2,000 affected members to warn them of the upcoming education deadline with the organisation warning the numbers yet to meet the requirements are “very, very high” with just six weeks to go.
