Software provider for financial advisers Midwinter has announced it has finalised a data integration arrangement with estate planning specialist firm Inherit Australia.
The deal is for a one-way integration process that will allow Midwinter users the ability to incorporate client data seamlessly into the Inherit Australia service.
Advisers using the Inherit Australia software can address estate planning issues with their clients as the legal bot encompassed in the tool provides them with the pertinent questions that specialist lawyers would usually pose.
As such, the adviser can complete the data collection needs and testamentary wishes of the client without providing formal legal advice and without the practitioner having to possess any estate planning experience or knowledge.
“Advisers already have a trusted relationship with their clients; when it comes to estate planning, it makes sense for them to lead these conversations,” Midwinter head of product Andrew Zietara said.
“This integration builds on our partner ecosystem, providing advisers with increased functionality and efficiency.”
According to Inherit Australia legal co-founder Chris Hill, the data integration arrangement with Midwinter has been done with the aim of deepening client relationships for advisers.
“This integration puts the adviser in the box seat and cements them as the lead adviser of their clients and their families in the accumulation, protection and distribution of wealth on death,” Hill noted.
Specifically, personal data regarding assets and debt, as well as information from SMSFs and trusts, can now be transferred from a client’s Midwinter profile into the Inherit Australia service as a result of the new agreement.
“We estimate that using this API (application program interface) saves up to 50 per cent of the data collection phase of the Inherit Australia bot. This new feature enables a quick pathway into estate planning facilitation, reduces data entry and maintains Midwinter as the ‘source of truth’ of client data within your practice,” Inherit Australia noted.
