Netwealth partners with Xeppo

17 September 2020
| By Chris Dastoor |
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Wealth management firm Netwealth has formed a strategic partnership with specialist fintech data solutions provider Xeppo.

As part of the partnership, Netwealth had purchased an initial 25% equity stake in Xeppo and had an option to increase its investing to 50%.

Xeppo specialised in connecting, matching and reconciling data from a wide range of sources to support the wealth management, accounting and mortgage industries.

The technology allowed users to manage client relationships, monitor compliance and drive new business and revenue opportunities.

The aim of the investment was to enable key initiatives Netwealth had previously announced and was expected to create a unique and market-leading proposition for multi-disciplinary and integrated wealth practices.

Netwealth would expand current integrations to support two-way data feeds between accounting systems such as Xero and MYOB, software such as BGL and Class, and financial specific software like Iress and Midwinter.

Matt Heine, Netwealth joint managing director, said: “A key element of Netwealth’s strategy is to expand and enrich the data which underpins our current and future technology and which sits at the core of our ‘whole of wealth’ and client portal offering.

“From our recent research, we found that advice firms on average use between 12 and 15 technology systems in their business, all of which have different data models, significant data discrepancies and often overlap from a features perspective.

“For example, the Netwealth platform captures customer details as does an advice firm’s CRM, planning software, fact find and client portal.

“Working with Xeppo we can solve this challenge and enable systems to better connect and integrate with each other driving business efficiency and great client experiences.”

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