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.
"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.
AUTHOR
Jason Spits
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
