GBST unveils WealthConnect upgrades to better support advisers

GBST technology fintech

29 February 2024
| By Jasmine Siljic |
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GBST has announced several enhancements to its digital advice practice management system, WealthConnect, to create further efficiencies for financial advisers and their clients.

The financial software provider first announced its acquisition of WealthConnect in May 2023, which assists advisers in managing client relationships, portfolios and administration through a more streamlined workflow. The Salesforce-based platform offers back-office administration and is a front-end digital solution.

Following the acquisition, GBST has since revealed various updates and enhancements to the platform to better support advisers’ productivity.

WealthConnect now includes features such as advanced strategy modelling with entity tax projections and an improved onboarding capability.

Specifically, advisers can now use the digital solution to model interactive superannuation, pension and self-managed super fund (SMSF) strategies through multi-entity scenario modelling.

The firm has also updated the flexibility of its strategic advice modelling for individuals, companies, trusts and SMSFs. This engine supports the creation of cash flow, taxation and net worth projections.

Commenting on the upgrades, Jeff Hall, GBST head of APAC, said: “We are committed to advancing our advice solutions product portfolio. Our mission is to offer advice professionals increased process proficiency, deeper insights and enhanced financial projections, ultimately delivering an improved overall client experience.

“Given the diminishing number of advisers, financial professionals in the advice sector face challenges in meeting client demands and are advocating for increased efficiencies in advisory tools.”

GBST’s aims remain to help advisers reduce their cumbersome back-office tasks, ultimately freeing up time to focus on value-added services.

Moreover, the firm has added electronic client consent to support additional efficiencies without compromising compliance or increasing the cost of service.

In-built automation also ensures more compliant daily operations and mitigates double keying of data and user error.

“We’ve improved our onboard, review and Advice Wizards, ensuring ease and flexibility for both advisers and end users. This enhanced user experience drives the digital production of client advice documents, recommendation creation, and intuitive business processes,” said Pierce Wittke, WealthConnect’s chief technology officer.

At the time of the platform’s acquisition last year, GBST’s global chief executive Robert De Dominicis said the deal represented its overall expansion strategy to grow its suite of fintech products and services.

“The addition of WealthConnect broadens our suite of cloud-based technology offerings that will deliver innovation and efficiencies to advisory and wealth management businesses while driving better customer outcomes,” he previously remarked.
 

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