Wrap providerPraemium Portfolio Serviceshas signed up another four groups to its service – bringing its total number of client adviser users to over 400.
The groups – Melbourne’sTolhurst Noalland PKF Independent Investments and Sydney planning firms Financial Success and Financial Clarity – previously used US software package Advent Axys.
While support for Australian users and the tax reporting function was withdrawn around six months ago, local software providerSyscorphas begun offering these services, and intends to do so until at least June 30 2005, according to Syscorp head of sales Iain Dunstan.
However Praemium anticipates that more of the approximately 70 groups using Advent Axys will move across to other platforms, including their product.
“Most of the firms using Advent are trying to keep using it as long as they can to amortise the cost of installing the system, but as they come to the end of their time with Advent, we anticipate more groups will come online with Praemium.”
However Dunstan says reports of users switching platforms are “greatly exaggerated”, with only a handful of groups to their knowledge moving since the support was transitioned to Syscorp.
James Maramis, who was formerly with Advent in sales and support, has also joined Praemium to assist Advent clients in their conversion.
Seven stockbrokers and more than a dozen accounting and financial planning groups are now on board with Praemium, with another 30 accounting practices looking at using the platforms to administer their clients’ super funds.
