Xplan integrates FinaMetrica ‘gap analysis’ software
FINANCIAL planning software providerXplan Technologywill integrate the risk profiling system of FinaMetrica (formerly ProQuest) after the two groups signed a deal to meet regulatory ‘gap analysis’ requirements.
The technology alliance will mean FinaMetrica’s web-based psychometric financial risk tolerance assessment tool will be available to advisers using Xplan’s Centrepiece financial planning software.
The two groups say this will provide financial planners with a fast track for implementing ‘gap analysis’ — an analysis of what an individual investor needs to do to save enough for retirement — as required by the Financial Planning Association (FPA) and the Australian Securities and Investments Commission’s Policy Statement 175.
Xplan Technology development manager Andrew Walsh says software providers simply must move towards enabling their users to perform the FPA gap analysis requirements.
“This means offering a robust assessment of financial risk tolerance, independent of the needs analysis and projection that we already offer,” Walsh says.
FinaMetrica chief executive Geoff Davey says his group had been in discussions with Xplan regarding integrating its software for some time.
“Consumer expectations are moving risk profiling into the mainstream,” he says.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
