Bravura and Statewide partner
Financial services software provider Bravura Solutions has struck a partnership with South Australia’s largest private sector superannuation fund, Statewide, which will see them provide the fund with a new software system.
The new system will see Statewide upgrading its existing legacy system, which has been in use for the last eight years, to Bravura’s Sonata SuperB, to coincide with the recent implementation of Sonata Pensions and Sonata Investments.
Statewide chief executive officer Frances Magill said they were looking for a single platform to administer their current products and also grow to accommodate future additions.
According to Magill, increased functionality will promote significant benefits across core products such as superannuation, pensions, unit trusts and online services.
Bravura group chief executive officer and managing director Iain Dunstan said Statewide was the latest client to adopt the new system, following Perpetual earlier this year.
“A number of other companies are also in the process of upgrading from their current legacy systems to benefit from increased operational efficiency and decreased total cost.”
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
