Financial planners will now be able to user an interface that links two of the key financial planning software offerings, Praemium’s V-Wrap and Coin’s financial planning suite.
The interface was announced by Praemium managing director Arthur Naoumidis, who claimed the interface would allow planners to create a “best of breed” business model while also streamlining administration by minimising rekeying of data between their portfolio administration and financial planning systems.
Coin’s head of sales Simon Bishop said the company was pleased to partner with Praemium and offer clients another option in portfolio administration.
The announcement came only hours after Praemium announced its March quarter results to the Australian Securities Exchange revealing negative net operating cash flows of over $1.1 million.
In a commentary issued to the ASX explaining its quarterly result, the company said that in the March quarter it had seen two notable events occur being the invoicing and receipt of the company’s first UK revenue of £70,000 pounds and the authorisation of its UK subsidiary Smart Operator by the UK regulator.
The company said it should also be noted that non-recurring expenses of approximately $200,000 associated with the authorisation of Smartfund had been paid at the beginning of the June quarter and were therefore not included in the March statement.
