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GPS Wealth unveils limited advice software

GPS Wealth has launched a complete software offering for accounting firms in a bid to help them deliver quality compliant advice and run more efficient practices.

MoneyBowl for Accountants includes a cloud-based version of the independent dealer group’s popular statement of advice (SOA) tool, an automated personal financial management tool, and a debt recycling calculator, as well as an investment property calculator.

The software also features a gap analysis tool to help accountants identify any deficiencies concerning insurances and estate planning, which will help limited authority holders meet tougher obligations under the Australian Securities and Investments Commission’s new licensing regime.

The launch follows the release of MoneyBowl for Advisers in July.

GPS Wealth practice development and coaching general manager Paul Pavlic said both solutions aimed to give accountants and advisers easy access to all of the advice tools they needed.

Furthermore, there was an added benefit of being cloud-based, which means enhanced navigation, usability and accessibility, tighter data security, the potential to integrate with other software programs, and centralised, automatic software upgrades so users do not have to worry about continuously uploading the latest version.

Both software solutions were developed in partnership with Australia-based IT consulting firm YTML, whose Highlighter technology enabled GPS Wealth to migrate its Excel IP to the cloud to develop a more dynamic and user-friendly solution.

“We came up with the concept of providing advisers and accountants with a virtual bowl which they could customise to contain all the calculators and tools they needed, such as the ability to produce SMSF strategy papers and generate automated SOAs,” Pavlic said.

GPS Wealth director Greg Holman said MoneyBowl for Accountants was an innovative, comprehensive solution for practitioners who wanted to lift practice efficiency, productivity and compliance, and improve client engagement.

Since the launch of the original desktop SOA tool in April, accountants had been able to slash the time it took to produce a range of advice documents by around 80 per cent, Holman noted.

The tools produce clear, concise and compliant SOAs in the five key areas of SMSF establishment, limited recourse borrowing arrangements, transition-to-retirement strategies, concessional and non-concessional super contribution strategies, and reserving strategies.

The software also produces strategy papers for clients to sign, confirming they understand and accept the advice they have been given.

“Our goal is to help advisers and accountants provide quality, client-centric advice and combat ongoing legislative change,” Holman said.

“Being cloud-based, our systems now can be quickly adapted from one centralised location to meet the changing needs of investors and advisers, and comply with any future regulatory or Centrelink changes.”

GPS Wealth will spend the next few months educating advisers and accountants about the features and benefits of the MoneyBowl solutions.

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