Xplan tops planner software benchmark

Xplan was awarded the best score in Investment Trends' report on planner software.


By Sarah Kendell

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Xplan has taken out the top overall rating in Investment Trends’ annual Planning Software Benchmark Report, achieving the highest score in the 10-year history of the report for its features and functionality.

Rubik’s Coin platform and AdviserNETgain achieved second and third place respectively in the research firm’s report, with Xplan standing out for its investment in multi-channel features and services, said Investment Trends technology analyst Ian Webster.

“Xplan continued to develop a full range of planning services for dealer groups, from private wealth to robo advice,” said Webster.

“Xplan is leading the way for all comprehensive and component planning applications by offering the engine to support a new generation of multi-channel applications.

Elsewhere, Decimal took out the top rating for superannuation scaled advice applications, while Infocus’s Platformplus was recognised for its innovation for using peer benchmarking analytics to promote best practice.

Through its partnerships with Mercer and QSuper, Webster said Decimal had “demonstrated that enterprise grade intra-fund advice functionality should be deployed alongside super administration platforms.”

He added that Infocus had adapted the successful technique of peer benchmarking from other professional services industries to ensure the ongoing professional development of their financial planners through Platformplus.

In terms of the trends seen across all the platform providers benchmarked, the research firm noted that the emergence of automated advice fintech start-ups was influencing the way more established technology firms in the industry were shaping their technology.

“The other significant advice functionality development in 2015 is the use of new insurance data to create a single comparison market for group and retail insurance products,” the group noted.

“This gives advisers more flexibility to choose the structure and select risk products that suit their clients’ needs.”

There was also a focus on multi-channel expansion among providers, who were looking to generalise the scope of advice to achieve the efficiencies necessary to deliver mass market services, according to Webster.

“Both established and new fintech developers are looking to broaden the market for advice services,” he said.

“The established advice services technology providers – Xplan, Rubik, Midwinter and AdviserLogic – will all respond to the challenge of the new generation of fintech developers with significant new multi-channel advice services in 2016.”

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