Clicky

Midwinter, Xplan add cash flow management tools

Financial planning software provider Midwinter will provide cash flow management tools to its users after signing a deal with accountancy software provider Xero.

Midwinter managing director Julian Plummer said data gathered from the tools would flow directly into the planning tools of its AdviceOS software and would pre-populate fact find tools already available to planners.

Plummer said Xero's Cashbook service would link to a client's bank account and categorise transactions for cash flow and tax purposes in real time and allow financial planners to become a spending coach for their clients.

Related News:

"This type of tool overcomes the cost of advice issue and lifts the value of advice proposition for the adviser and is a push in the direction of scaled advice," Plummer said.

The service will be available for Midwinter users from January 2014 and is the first move into the financial advice space for Xero, which provides online accounting tools and software.

The move coincides with similar moves by Xplan, which is also building out its cash flow management tools, choosing to build them in house.

IRESS senior business development executive Michael Kinens said Xplan would automate data feeds from banks accounts and would also add information from credit and savings accounts.

Kinens said the cash flow tools was aimed at providing advisers with tools to service income rich but asset poor clients and move them from entry level into scaled advice.




Related Content

FASEA releases final code arrangements

The Financial Adviser Standards and Ethics Authority (FASEA) has released the legislative instrument and explanatory statement covering the Code of Et...Read more

AAT reduces advisers’ bans by 8.5 years

Two former Macquarie financial advisers have seen their banning periods imposed by the Australian Securities and Investments Commission (ASIC) reduced...Read more

Planners want pre-RC BOLR valuations

The AMP Financial Planning Association (AMPFPA) is being pressured by members to obtain a definitive answer from AMP Limited about how it will treat b...Read more

Comments

Add new comment