The inefficiency and costliness of personal advice coupled with the growth of new advice models have spurred on a strong demand for automated cashflow and data feed flexibility, according to Moneysoft.
Moneysoft, who provide a budgeting and savings management platform for advisers, superannuation funds, and brokers, claims to be the "first to market" with their new service proposition offering financial advisers and superannuation funds an integrated model of data collection, sharing, and security.
Moneysoft's head of operations and technology, Jon Shaw, said growing concerns surrounding privacy protection and security have seen the fintech explore data aggregation to help meet the needs of current and future clients.
"Our clients have told us how important choice of data feed is to them and their own customers," Shaw said.
"Security is an issue that regularly comes up and our new combined service proposition… allows us to offer a more powerful, digitally safe solution to suit the unique preferences of our clients."
ANZ, RI Advice, ClearView and Matrix Planning Solutions are among the firms who have signed on to Moneysoft's cloud-based platform.
Shaw confirmed Moneysoft has also integrated two major financial data aggregation platforms, Yodlee and eWise, to gather client account balance and transaction data from "a wide range" of financial account providers in an effort to provide the fintech's clients with a greater capacity to collect and share financial account data.
According to Shaw, new advice models, including objectives-based advice and scalable advice, have encouraged advisers and super funds increasingly to look towards automating "time-consuming and repetitive jobs" including information gathering, updating client details and processing applications to help make the provision of personal advice "more efficient".
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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