Midwinter to enter insto advice space

Midwinter managing director Julian Plummer.


By Julie May

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Financial planning software provider Midwinter has flagged its intention to move into the institutional dealer group space in 2015, having traditionally focused predominantly on the independent financial adviser market.

Midwinter managing director Julian Plummer told financialobserver the firm would soon make announcements about its activities in relation to the industry’s largest licensees.

“To support our move into the institutional adviser market we will be bringing on new resources to support growth in this area,” Plummer said, pointing to the appointment of new senior developers and a data migration specialist.

In addition, he flagged a senior business development resource would be hired to work with the team’s business analysts to help originate enterprise advice licensing deals and to assist with the larger tenders the group had been receiving.

“Throughout the 2014 calendar year, we picked up 280 advice firms and we anticipate [to have] an additional 155 practices on board by June,” he said, highlighting the group’s current market share of 10 per cent was expected to increase in 2015.

He said the group’s AdviceOS financial planning software system had proved popular among planners, largely due to its modelling capabilities, which was a real sweet spot and market differentiator for the Midwinter business.

Modelling was a key component in regard to planners’ core competencies and the group’s work in this space had, in part, led to it achieving the highest average user satisfaction ratings in 23 out of 27 categories in Investment Trends' “May 2014 Planner Technology” report, he said.

“Whether via modelling, product development or pricing, we will be targeting the market aggressively this year,” Plummer said.

“Through our partnership with Rice Warner we’re introducing asset class forecasts and will expand on the risk insurance data provided currently.”

He said new equity data feeds would also be offered and the team would be upgrading its systems to HTML5 so that its software was more mobile compatible.

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