Moneysoft’s budgeting and cash flow management tool will be integrated with Prospera’s financial modelling and portfolio tracking service to provide advisers with an end-to-end solution, a joint statement said.
Prospera co-founder and head of development, David Dye, said the solution eliminates the need for advisers to manually gather client account balances and ensures advisers have up-to-date data.
“In order to implement a robust financial plan, advisers need accurate data, which is why the combination of Moneysoft and Prospera is so powerful,” Mr Dye said.
“Moneysoft tracks a client’s income, expenditure and cash flow, then Prospera takes that data and works out how best to invest a client’s money in line with their risk profile and goals.”
Moneysoft managing director Peter Malekas said a key benefit of the integrated solution is that it clearly determines the roles and responsibilities of the client and the adviser.
“Basically, clients need to save, budget and set goals, and if they do that, advisers will be able to implement an appropriate strategy to maximise the probability of them achieving their goals,” he said.
“There’s nowhere for clients to hide with this solution.”
Mr Malekas noted that the partnership was motivated by adviser demand for a solution that increases practice efficiency, transparency and client engagement.
Approximately 24 advice practices have trialled the solution as part of a pilot program, with it now being made widely available to all practices, the statement said.
Financial advisers from nearly 20 of the top 50 financial planning groups had previously integrated Moneysoft’s money management tool into their process.
