AllMyFunds targets opt-in, C and D client solutions
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AllMyFunds believes a need to economically service C and D clients and potential opt-in requirements will help it gain ground in the competitive financial planning software space.
General manager of AllMyFunds Robert Manityakul joined the group in November last year and has previously worked at other software providers Iress and VisiPlan and online brokerage IWL.
Manityakul said the AllMyFunds offering was aimed primarily at the simple, low-cost planning space and was able to integrate with all-inclusive planning software products such as XPLAN and COIN, as well as accounting software such as MYOB and Xero, rather than looking to compete directly with them.
The software provides an opt-in solution that can be done automatically via SMS, email, online log-in, fax, activated voice response or by adviser agreement where the adviser sights a signed contract or records a phone agreement.
Manityakul said AllMyFunds, by communicating with existing software, offered advisers the option to "print and post" statements to clients via a clearing house for $8 per light statement or $12 per full statement. This allows low-cost engagement with C and D clients, according to Manityakul.
The software also allows clients with a log-in to a member portal to check their details and if necessary print a statement themselves. They can also update their contact details, with a notification of client log-ins being sent to advisers.
Manityakul said key clients for the firm would be mid-tier dealer groups that have a significant C and D client base, although it is also targeting institutional and boutique planning groups. Financial Services Partners, Elders Financial Planning and Millennium3 are among those already signed up.
AllMyFunds commenced operations in 2007 but was relaunched earlier this year with the new services offering.
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