Midwinter investing in AdviceOS updates

Financial planning software provider Midwinter Financial Services will increase investment in new AdviceOS software features with backing from parent company Bravura Solutions.

The firm said it was focused on evolving AdviceOS around industry challenges, such as client engagement, aged care advice, multi-goal advice and Australian financial services license (AFSL) monitoring.

Recently released features included:

  • MultiGoal: which helped evaluate multi-goal scenarios and trade-offs in real-time and create a comprehensive goal map for clients;
  • Aged care: which provided financial advice around home ownership, asset structuring and cash flow management; and
  • Key risk indicator: which provided visibility of potential compliance breaches and operational risks in real time.
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The firm also added some features specific to COVID-19 including an early super release calculator and a product update based on the Federal budget tax cut changes.

Jeff Hall, Midwinter chief operating officer, said the financial advice industry was facing extraordinary challenges in the wake of the coronavirus pandemic.

"Midwinter has always been focused on supporting advisers and their clients, particularly as they now navigate their way through volatile investment markets and a recession.

“The support of our new parent company Bravura Solutions has strengthened our ability to quickly roll out innovative new AdviceOS features and updates in response to regulatory changes, such as the early super release scheme."

The Bravura Innovation Lab would also power Midwinter's ability to deliver new solutions for advisers.

Midwinter, which was acquired by Bravura just over 12 months ago, was now accredited under Business Continuity Management (ISO 22301) following an independent audit by certifier Bureau Veritas.

"Midwinter's ability to support financial planning practices through all types of business conditions, such as the current pandemic, was recently recognised with an international ISO standard accreditation,” Hall said.

“It gives advisers added confidence that our software will be there to provide solutions when they most need it.”

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