Financial services software provider IRESS has engineered an integration between its wealth management and financial advice platform Xplan and SMSF administration software specialist Class Super.
The new development will allow Xplan and Class Super clients to view real-time investment and member information, including fund details and contribution limits, via the Xplan platform. Users of both software offerings will also have access to a variety of SMSF reports that can be run through Xplan, such as member benefit statements and a statement of financial position and capital gains.
Data will be interchangeable for both software applications under the new arrangement, with a view to allowing accountants to maintain the records of their clients’ SMSFs with greater ease.
“We are increasingly seeing accountants and wealth managers operating together to provide consolidated services to the SMSF sector. This integration between Class Super and Xplan increases efficiency and reduces operating costs for users and their clients,” IRESS executive product manager for wealth Aaron Knowles said.
“With the stringent ATO (Australian Taxation Office) auditing and reporting requirements on SMSF clients, it is essential for portfolio managers to be confident they hold a real-time, unified view of the SMSF.
“This integration with Class Super combines this reassurance with Xplan’s full portfolio management capability.”
Class Super chief executive Kevin Bungard said the integration would provide significant business efficiencies and a competitive advantage for advisers as an increasing number of them were looking to have a greater reliance on working relationships with accountants.
The integrated service is available for users of Xplan’s version 2.13 and any subsequent versions.
Additional software functionality will be made available in the future.
