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Software industry moves to scaled advice

Scaled advice is the “enduring legacy of the FOFA reforms”, with the provision of the service taking focus among software providers, according to Investment Trends.

The 2013 Investment Trends Planning and Advice Applications Report found that software vendors have “moved on from FOFA” and instead are looking to develop new online applications and services for the scaled advice sector.

“Vendors have moved on from FOFA to refresh application interfaces, mobile functionality development and client engagement,” said Investment Trends analyst Ian Webster.

“Scaled advice may be an enduring legacy of the FOFA reforms.

“After several years focused on developing planning operations functionality for comprehensive planning, vendors are turning their attention to a broader range of advice delivery services.”

Of the software platforms surveyed by Investment Trends, XPLAN emerged as the top-rated Australian planning application for 2013, achieving the highest benchmark score for any financial planning application in the seven years the report has been in existence.

AdviserNETgain was recorded as the top-rated hybrid planning/platform application and Provisio was found to be the best superannuation scaled advice application.


Mr Webster said that in recent years, financial calculators have been increasingly replaced by self-direction advice services and call centre-based scaled advice applications.

“Provisio has been part of the development of superannuation advice technology for many years and has been joined by several other applications offering different approaches to scaled superannuation advice delivery,” he said