Data analytics firm partners with Powerwrap

Einsights and Powerwrap have joined forces.


By Julie May

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Data analytics firm Einsights has joined forces with industry investment platform Powerwrap to provide analytical data to advisory groups using the transaction, administration and reporting software.

Einsights commercial director Ben Lindsay told financialobserver the deal would enable Powerwrap to give practices and licensees a broader overview of client behaviours and adviser productivity.

Lindsay said as more planners moved to a full fee-for-service model they needed ways to justify their billable hours and increase efficiencies in what was an ever-evolving financial services landscape.

Einsights’ data capabilities enabled advisers to assess the profitability of clients and look at various streams of revenue and cost data, he said.

“Aside from the deal with Powerwrap, we’re working with a range of groups in and outside the financial services industry,” he said, adding those that did operate within the sector and which it had already established ties with included a number of practices aligned to the big institutions.

He said the Einsights offering was for specifically high-level investigations and providing a clearer picture about what advisers were doing day to day.

The analytics software currently being piloted by Powerwrap did not only provide useful data for advisers and licensees, but also fund managers, he added.

“The industry is not great at capturing data, so we see there’s a real opportunity for us in terms of aggregating information and providing it in a visual format for financial services firms,” he said.

He pointed to many businesses using Excel spreadsheets to try to gauge big picture information and said in this day and age they needed to look outside the square in terms of new financial services technology.

“Advice businesses have a lot of data they have to look at,” he said, adding that encapsulated everything from commissions and fees, to funds under advice and premiums, and groups were looking at more efficient ways to assess and benchmark large volumes of member and asset data.

“Practices and dealer groups want to be able to look at the productivity levels across their advice networks and what the profitability metrics look like per client.”

Meanwhile, professional services firm EY and the University of Technology Sydney last month said they would work together to address some of the biggest data analytics challenges currently facing Australian financial services organisations.

EY Oceania financial services leader Andrew Price said given the pervasive impact of digital technology on the financial services industry, getting data management and analytics right would create a competitive advantage for businesses and at the same time benefit consumers.

Earlier this year, Colonial First State told financialobserver it had also moved to provide analytical data to more than 100 aligned and non-aligned financial planning practices and dealer groups using its FirstChoice and FirstWrap platforms.

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