FuturePlus Financial Services has struck a deal with software provider Milestone to implement its integrated fund processing and analytic software platform.
Ahead of the implementation of the choice of superannuation regime, FuturePlus chief executive Brett Westbrook said the Milestone software will enable the group to better optimise interfaces with service providers.
The deal follows last month’s announcement by the owners of FuturePlus — Local Government and Energy Industries Superannuation Schemes — that both were severing ties with existing service provider Mellon Human Resources and bringing their administration in-house to FuturePlus.
FuturePlus provides investment and superannuation management and advice, financial planning, member services and administration for these schemes, as well as other participants such as Chifley Financial Services and the public offer retail fund — Australian Public Superannuation Fund.
Milestone chief executive Geoff Hodge said industry participants are realising just how much resources are currently deployed in making sure that transaction, accounting and analytic numbers are consistent and fully reconciled on an ongoing basis.
“Regulatory pressure and competition are causing the industry to be more demanding of technology. The thought leaders are acting now so as not to get caught playing catch up,” Hodge said.
The signing of FuturePlus also follows the adaptation by Aon Consulting of the pControl software back in July and takes the number of new mandates won by Milestone to six for the year.
