IRESS, an Australian provider of software services for financial markets, has integrated its wealth management platform XPLAN with Class Super, cloud SMSF administration software.
Under the partnership, users of XPLAN and Class can access the latest member and investment information and dashboard views, directly from XPLAN.
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The information will also include fund details, member details and contribution limits.
Additionally, the integration will allow Class Super users run SMSF reports in XPLAN using Class data including contribution caps, member benefit statements, statement of financial position and capital gains.
As part of the integration, full transactional details can be moved from XPLAN to Class Super for a client’s accountant to maintain current information for the SMSF.
The integration comes in an effort to bridge the gap between planners and accountants and will allow both of them to share information and meet their reporting requirements.
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By GlobalDataThe alliance will also boost efficiency and reduces operating costs for users and their clients. The integration will be available from XPLAN version 2.13 onwards.
Aaron Knowles, executive product manager for wealth at IRESS, said: "With the stringent ATO auditing and reporting requirements on SMSF clients, it is essential for portfolio managers to be confident they hold a real-time, unified view of the SMSF. This integration with Class Super combines this reassurance with XPLAN’s full portfolio management capability."
Kevin Bungard, CEO at Class, said: "The integration between XPLAN and Class Super means that the key information advisers need about their clients’ SMSFs is now only a click away. With 77% of SMSF planners currently have some working relationship with accountants, and 85% proposing to do so by 2016, this is an industry changing development and one that will deliver significant business efficiencies and competitive advantage for advisers."
