Midwinter enhances data feed functionality

26-Jun-2015

By Julie May

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Financial planning software provider Midwinter planned to release version 1.1 of its AdviceOS software by the end of this week, the group told financialobserver yesterday.

The latest version concentrated on a range of sophisticated data feed functionality enhancements, as well as numerous additions to the list of data feed providers that could be accessed by its users.

The group told financialobserver that over the past six months Midwinter had been working with data feed partner, Investment Link, to increase the breadth and depth of data feeds fed into AdviceOS.

Recent additions to the list of data feed providers included Australian Money Market and Hub24.

Both the process in which data feed providers were added to this list and the process in which advisers could access these data feeds via AdviceOS had been refined, assuring an efficient and simplified end user experience, the group said.

In addition to broadening its data feed list, it had also enhanced data feed reporting functionality.

“AdviceOS now has systems in place where advisers can evaluate client’s internal rates of returns for all data feed investments on any investment option or ASX listed share, investment platform for any combination of individual, couple, self-managed super fund, company or trust – which gives a true total portfolio perspective on how clients are tracking toward their goals,” it said.

Midwinter managing director Julian Plummer said that unique to other software providers there was no one “data feed module” as data feeds were ubiquitous and flowed throughout the entire system.

“Data feed information appears from ‘fact find’, ‘portfolio review’ all the way to the ‘client portfolio’ and our upcoming ‘digital advice solution’,” he said.

“This is primarily because the data feed engine has been built in parallel to our CRM (customer relationship management), workflow and product replacement system.

“It is our belief that the AdviceOS structure makes a lot of intuitive sense and allows advisers to familiarise themselves with the system very quickly.”

Plummer said what advisers would notice was that each feed was linked up to the correct platform, so not only was the adviser able to evaluate the investment level fees, they were also able to take into account any platform level fees associated with those investments.

This allowed the adviser to determine the actual total fee experienced by the client, he added.

“As a result of feedback from some of our larger clients, this release also contains significant technological developments to our APL (approved product list) system within AdviceOS,” he said.

“[Further,] we feel that now we have the hygiene factors largely out of the way, we can concentrate on delivering some of the wow factors that have been waiting in the wings.”

Plummer pointed to direct share investments and the incremental transition into the group’s new HTML5 framework as examples.

Meanwhile in May Midwinter announced it would launch its digital interface for Australian financial services licensees that were looking to target the significant proportion of the retail consumer market that did not seek advice from an adviser on an ongoing basis, if at all.

The solution, which would be rolled out this year, would target consumers looking for an avenue to start engaging with their finances, those with smaller balances, in addition to those who were not currently looking for comprehensive advice or who wanted more autonomy in their wealth creation.

Midwinter was also on the cusp of announcing a new client, something it flagged was in the works with financialobserver earlier in the year.

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