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GPS Wealth beefs up MoneyBowl tools

GPS Wealth has announced the expansion of the capabilities on its cloud-based software, MoneyBowl, including calculators and modules that will assist SMSF accountants and financial planners.

Since its launch in July 2016, 75 GPS Wealth accountants and financial planners have adopted MoneyBowl.

“They were early adopters and we’re finding even more take-up as we release more modules,” GPS Wealth practice development and coaching general manager Paul Pavlic said.

The software lifted productivity with straight-through processing, bolstered compliance with multiple automated checkpoints and also raised engagement, Pavlic said.

There are currently eight calculators provided on MoneyBowl to facilitate a “game of money” conversation and provide clients with personalised advice at different ages and stages of life.

Through specifically designed modules, the comprehensive calculators allow an assessment of a client’s long-term plan, investment plan, insurance needs, SMSF where appropriate and how to retain and maximise any government benefits.

MoneyBowl’s functionality has also been bolstered with the release of a module to help advisers assess their clients’ financial position, in addition to adding DocuSign as a partner, allowing accountants and advisers to verify documents with electronic signatures.

Within the next three weeks, MoneyBowl will also add a new calculator called DISCOVERY, which will take care of clients who are pre-retirees, retirees, small business owners or in sell-down phase, as well as investment trusts and investment companies.

It will be able to model up to 10 investment properties.

“Accountants and advisers are already getting the benefit of enormous time savings with straight-through processing, which allows strategy papers and statements of advice to be easily produced,” Pavlic noted.

He revealed plans were currently underway to release a new countdown to retirement module, which would help identify the needs of different clients, including SMSFs, pre-retirees, high net worth investors, business owners and fully retired clients.

MoneyBowl has turned on straight-through processing functionality with Hub24 for super and investments, and also Topdocs for legal documentation such as SMSF trust deeds.

Plans are well advanced to add other investment and legal service providers, as well as insurance and lending.

“MoneyBowl is designed and set up so that it’s simply ‘plug and play’ with different apps,” Pavlic said.

“We’ve proved that with our current connections and more are in the pipeline.”

GPS Wealth has worked closely with Australian-based IT consulting firm YTML to build MoneyBowl and continue to add functionality.

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