CBA first to use Xplan scaled advice software


By Julie May

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Commonwealth Bank of Australia (CBA) would roll out its IRESS technology solutions to Commonwealth Financial Planning, Bankwest Financial Advice and Financial Wisdom, the company announced yesterday.

CBA businesses already using the software include Count Financial and its business and private banking division.

IRESS chief executive Andrew Walsh said CBA would be able to leverage IRESS’s market-leading Xplan platform and its “new” Xplan Prime solution, which was an objective-based scalable advice solution for all market segments.

Xplan Prime was a dedicated portal for scaled advice, built upon Xplan’s platform and integration capabilities, which ensured that at all times client data, processes and oversight across advice channels were “synonymous”, Walsh said.

“Xplan Prime is an important development for the financial services industry and IRESS’ clients, providing innovative and new adaptable solutions that further leverage the advice platform capabilities of Xplan,” he said.

“Consumers internationally and in Australia are increasingly seeking financial advice in different ways [and] while full service advisory will remain an important part of the landscape, many end clients are seeking specific advice or less-aided simple transactions.“

He said those channels were interrelated and needed to exist across multiple devices, so unifying technology strategies for retail advice firms was a major objective.

CBA executive general manager of advice Marianne Perkovic said CBA would be the first company to use Xplan Prime to deliver an integrated scaled advice solution.

“This investment in technology will help us secure and enhance the financial wellbeing of our customers by ensuring that all Australians have easy access to quality and affordable financial advice,” Perkovic said.

The technology would not only streamline processes to make advice more affordable, it would provide financial advisers with new and innovative engagement tools to help their customers better understand, set and track their financial goals, she added.

The transition would take about two years to complete and result in all CBA licensees using the same software.

The bank said the agreement with IRESS followed an extensive process that included submissions from a number of leading domestic and international financial planning software vendors.

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