GPS launches SOA tool for accountants
Financial services dealer group, GPS Wealth, has launched a cloud-based version of its statement of advice (SOA) tool, along with financial calculators for accountants.
Known as Moneybowl, the software technology features an automated personal financial management (PFM) tool, a debt recycling calculator, an investment property calculator, and a gap analysis tool for accountants to recognise any inadequacies in insurance and estate planning.
The firm said it would help limited authority holders to meet new obligations following the scrapping of the accountants' exemption to advise on self-managed superannuation funds.
The dealer group partnered with Australian IT firm, YTML, which migrated its excel-based IP into the cloud.
The tool would produce SOAs in areas such as setting up an SMSF, borrowing to invest in real estate under a limited recourse borrowing arrangement, implementing a transition to retirement strategy, concessional and non-concessional super contribution strategies and reversing strategy.
It would also product strategy papers for clients to sign.
GPS wealth director, Greg Holman, said "Being cloud-based, our systems now can be quickly adapted from one centralised location to meet the changing needs of investors and advisers, and comply with any future regulatory or Centrelink changes".
AUTHOR
Malavika Santhebennur
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