New data feed to boost SMSF visibility for advisers
An SMSF software provider has announced a new data feed integration with one of the major financial planning software providers, enabling better collaboration between advisers, accountants and clients.
A new integration between Class and XPLAN will enable financial advisers and accountants to share a single, consistent and up-to-date view of their client’s wealth across both their SMSF and non-super entities.
Currently, there is significant overlap when it comes to administering SMSFs for clients, with financial advisers using financial planning tools such as XPLAN and SMSF accountants or administrators using specialist SMSF software, Class said.
The integration will enable data to be shared between the two systems, eliminating the need to re-key data into multiple systems, saving significant time, lowering the cost of advice delivery and reducing the risk of errors.
Users are able to pick and choose which accounts they want to include from Class and which they want to receive from source.
It will also allow them to decide which transaction history they want to maintain prior to switching on the integration and to easily reverse decisions at a later date if required.
Over 30 different cash transaction types have been made available within the integration, allowing users to easily identify cash transactions based on matching already done on Class, including pension payments, contributions, income, actuarial expenses or property expenses.
Class director of strategic alliances Glenn Poynton said the integration with XPLAN would help accountants, advisers and their clients.
“This is just one example of the tool set Class is developing to support the adviser community in delivering up-to-date, high-quality information and driving better business outcomes,” said Mr Poynton.