IRESS, a provider of technology for wealth management, financial markets and the mortgage industry has rolled out the latest version of XPLAN, its integrated software for wealth managers and financial planning professionals.
Client benefits delivered in this XPLAN software update include new features to assist advisers and acquirers to generate more detailed and accurate business revenue reports, a substantial enhancement to the client Net Position screen and a new real-time support tool called XPLAN iAssist.
The changes to the Policy Takeover feature within the revenue management module in XPLAN allows remuneration due from policies to be automatically transferred to new owners. This aims to deliver efficiencies for advisers who may be looking to sell their business in the future and to consolidators acquiring advisory firms or books of business.
This enhanced feature also allows system administrators to better manage and monitor revenue received on the same policy for different advisers, as the policy changes hands through acquisitions or transfers. Comprehensive reporting enables XPLAN users to track revenue due for the same policy, but for different advisers.
Enhancements to the client Net Position screen makes it easier for XPLAN users to view all of the tax wrappers, products and investment funds in one place. Additionally, a new colour coding feature enables a visual segregation of holdings between accumulation and decumulation assets. This enhancement allows advisers to input data and view accurate plan values far quicker, improving process efficiencies.
A new client support tool, iAssist, allows XPLAN users to grant an IRESS support team member temporary and secure access to their individual XPLAN session within a few seconds.
Mark Loosmore, UK executive general manager (Wealth), IRESS said: “These enhancements we have delivered through the latest XPLAN software update have all been designed to make advisers’ lives easier and help them plan more effectively and efficiently.
"Additionally, in this update we are delivering valuable support functionality for those businesses focusing on valuations and revenue streams, as they strategically consider their future business plans. We will continue to deliver practical improvements to our products that make a tangible difference and deliver cost efficiencies to our clients, whatever their size or business structure."
IRESS supplies technology solutions to clients within the financial markets, wealth management and mortgage sectors. It is listed on the Australian Securities Exchange, with operations in Australia, New Zealand, the United Kingdom, South Africa, Canada and Asia.