ClearView Wealth has announced it will roll out a new cloud-based cash management solution that will give advisers a view of their clients' total financial position.
In a statement, ClearView said its agreement with Australian fintech company Moneysoft will allow its network of 220 advisers to track a client's income, expenditure and cashflow, and in turn provide "more comprehensive, tailored advice".
The new solution will be rolled out across ClearView's financial planning subsidiaries ClearView Financial Advice and Matrix Planning Solutions.
Chief executive of those subsidiaries Todd Kardash said Moneysoft gives advisers access to "invaluable" information.
"Budgeting and cash-flow management is the cornerstone of quality personal advice, but traditionally advisers have relied on their clients to provide information on their income, expenses and spending which is both cumbersome and inefficient," he said.
"Advisers now have accurate, up-to-date and independent information. The onus isn't on clients to provide information nor is it on advisers to gather and manually key in account balances each month.
"By automating the process, practices can achieve greater efficiency, transparency and productivity, and ultimately, improved client outcomes."
ClearView is the latest financial advice group to sign up for Moneysoft, joining ANZ Wealth's RI Advice and Financial Services Partners, the statement said.
Moneysoft head of technology and commercial operations John Shaw said the fintech's offering enables advisers to grow their revenue by offering an innovative budgeting and cash-flow management service.
"For advisers who want to expand their value proposition and steer the client conversation away from investments and investment performance, Moneysoft supports a model of shared responsibility in the adviser/client relationship which focuses on budgeting and cashflow management," Mr Shaw said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Feb 2019ASIC appeals Westpac best interests court decisionBy Adrian Flores
- 18 Feb 2019FASEA mostly funded by the major banksBy Adrian Flores
- 15 Feb 2019ASIC to undertake harsher penalties against banksBy Eliot Hastie
- 18 Feb 2019NAB most distrusted bank, survey findsBy Sarah Simpkins
- 15 Feb 2019Court restrains unlicensed firm from operatingBy Adrian Flores
- 15 Feb 2019ASIC used Dover whistleblowing to shut licensee downBy Adrian Flores
- view all