PractiFI expands super funds offerings
Wealth management platform provider PractiFI has partnered with Rubik to expand its superannuation technology offerings in a bid to create a "genuine" and "open" ecosystem for super funds.
By integrating Rubik's Provisio on the PractiFI wealth platform, PractiFI will provide super funds with a unified view of advice, lending, accounting, insurance, and asset management disciplines, in addition to helping them meet their needs surrounding customer retention and differentiation.
PractiFI co-founder, Adrian Johnstone, said the move comes in response to a lack of access to scaled advice in super funds and planning practices.
"We believe that superannuation funds have lacked the focus on a genuine platform to run their business. The focus on administration is critical, however funds risk being disconnected from the membership where this is outsourced," Johnstone said.
"Many get data or perhaps basic systems access via their administrator, however we believe a genuine platform approach is essential to their survival."
Rubik's chief executive officer, Iain Dunstan, said the integration will help create greater business efficiency.
"The need for a platform-based approach to technology has never been more evident whether you're a super fund or a planning practice," Dunstan said.
"We're also re-engineering [our financial planning software] COIN to be integrated with PractiFI."
Johnstone said PractiFI will look to further consolidate its partnership with Rubik in the coming months, with plans to collaborate with Rubik's eLodge mortgage origination platform, as well as exploring additional integration opportunities.
"The work we are doing with Rubik is only a subset of what you can expect to see. For our institutional clients, we are already able to integrate with the majority of their legacy technology," Johnstone said.
"We are also looking at integration opportunities in SMSF [self-managed super funds], wrap platforms, robo-advisers and claims technology as well as growing our strong suite of business tools."
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
