Financial services technology firm WealthX has launched a new platform to help streamline advisers’ client processes leveraging its recent partnership with Padua Solutions.
WealthX is an Australian financial services technology firm specialising in enhancing digital connectivity between borrowers, mortgage brokers and lenders.
Leveraging the consumer data rights and open banking frameworks to accurately assess client positions and track key drivers in real time, WealthX facilitates personalised advice and proactive client engagement.
The new platform syncs transaction data, balances and recurring commitments directly from clients’ bank accounts, which WealthX said would provide advisers with a “verified baseline” for a range of services, such as cash flow coaching, tax planning and contribution strategies.
The fintech said the platform was “purpose-built to give financial advisers verified, real-time visibility of clients’ income, expenses, borrowing capacity and property equity”.
“The platform allows advisers to replace client assumptions with a complete financial picture and deliver higher impact, longer-term advice across cash flow, property, superannuation and retirement planning,” the firm added.
Announced in September, the partnership with Padua Solutions aims to create a “seamless adviser-broker integration” that can ensure the advice ecosystem operates with verified client data.
According to WealthX founder and director Clint Howen, because the Padua integration links lender and broker insights to adviser systems, it reduces duplication in the fact finding process and speeds up advisers’ ability to take action.
“Mortgage brokers can now provide verified client data to financial advisers, and advisers receive a richer starting point for ongoing financial planning, reducing the time it takes to provide advice and improving the client experience,” Howen said.
“WealthX gives advisers the verified financial truth they need to coach clients confidently across cash flow, property and retirement planning.”
Padua co-founder and chief executive Matthew Esler said the partnership “bridges critical gaps between broking and advice” to better meet clients’ needs.
“This integration reduces the time taken to capture the client’s complete cashflow position as well as property and mortgage data in a fraction of the time it currently takes, using trusted Consumer Data Right (CDR) open banking capability,” Esler said.
WealthX said the platform can help advisers during the initial fact find and review through capturing verified cash flow data, including income and expenses, providing a more accurate picture than self-reported estimates.
They can also use the spending review and collaborative habit tools to set immediate actions, enabling excess cash flow to be put against strategy recommendations and tracking progress in the adviser dashboard.
Additionally, advisers can monitor client data to identify when clients reach borrowing thresholds, equity milestones, or savings plateaus that can be used to trigger advice conversations and value add services.
