In a statement, Practifi said its integration will eliminate data duplication with a single, fully integrated client record.
Practifi chief executive Glenn Elliott said the vision to enable advice firms to be compliant by design is made far more possible through this integration.
“The combination of our deep industry solution, blending high levels of configuration with a rich customer success strategy and extensive ecosystem of specialist systems, has been embraced in every market we’ve entered,” Mr Elliott said.
“Our focus on ensuring advice firms and licensees can run all aspects of their businesses from sales pipeline, through client management to business analytics, in one industry-specific application without the need for costly custom development has been found to be truly unique in global markets.”
Practifi chief commercial officer Adrian Johnstone described the integration as “genuinely game changing for advice firms and licensees of all sizes”.
“This integration ensures advisers can pair Australia’s most used advice tool with a genuine, industry-specific business management platform for the first time,” Mr Johnstone said.
“With our ability to unify data across advice, accounting, broking and more, advice firms finally have the single client view once felt impossible.”
Game Changer! Practifi has changed our business already. Recommend to all…
My issue with xplan is the cost of the revenue processing software CommPay that sits along side it, as well as the lack of integration to other software providers. It’s a very closed off product and not really in keeping with 2019 expectations. We’re self licensed and use Enzumo’s version of xplan but I must say it’s certainly being put up for review at the moment, I just don’t see the value at $1,000 a month outside of creating SoA’s and running the FDS / Opt In function, add another $10-$15k on top of that if you want your revenue processed and you’re nearly at a bookkeeper’s salary!
I get it if you’re running direct equities in house and need the IPS module as well, but we’re all on platform bar a few SMSF’s that aren’t.
I’d be interested to hear from anyone that’s either using it to its capacity or has experience with competitors…
Xplan, a mirror to everything that is wrong with this industry. Build in the 1990’s, bits/modules added on. Expensive, cumbersome, inefficient with the end user (planner) left to manage the mine field with almost zero support. Now another module to add on/buy, just what is needed !
hard to believe this dinosuar is still able to dictate to the market like it does.
If you’re in Melbourne let’s catch up and have a chat about Xplan. Heavy user, different experience. I reckon I can put to bed a few miss-truths about the software.
It’s not the best option for everyone, but it doesn’t have the market share that it does without providing some sort of value to the end user.
I am going to have a stab in the dark and suggest that you are using a limited version of it (possibly through licensee restrictions) and therefore do not get to use it to its full capability….which is rather impressive.
The only reason why Xplan has such a market share is becuase it has funcionality for dealer groups to ‘contreol’ their planners. For planners, it’s indeed a dinosaur…
It’s a dinosaur if you use a dealer groups version of Xplan. It’s restrictive, you can’t customise it and you’re restrained by what capabilities and functionalities that they make available to you.
They also typically don’t have the Xplan expertise in the dealer group to get the most out of the site themselves. That’s compounded when they’re afraid of making a change that affects 100’s of Advisers because they don’t know what they’re doing.
If you understand what owning your own site provides and still feel this way I’d be very surprised.
What’s better? That’s the only important question.
Whats simpler and cost effective that is the important question, xplan is bulky, its got all the bells and whistles and add ons, but the thing is its a set price, or you pay extra for modules, but not by the TIME you use it for. We want software that simply compares, projects and produces a SOA. It dosent need to be a big massive programme with client CRM functionality as we all have CRM systems. Yes being able to prepopulate the planning software is handy but its not that hard to do manually. Software is one of my biggest costs, with the other costs I face rising im looking for a simple system that dosent cost thousands per annum even if i dont use it. Maybe ill do 5 soas one month, maybe the next one 0, so why do we need to keep paying every month when we dont use it? Software is the next snout in the trough to get emptied out. Bring on the competitors.
‘Gone the way of the dodo’,
What you should be aware of is that you need not use the client management functionality if you don’t deem it necessary. Effectively, all the research tools could be utlised independently necessitating that each has the client’s data input manually (as you suggest). Armed with the results you could copy and paste same into your preferred Word template.
Having said that, I’m not convinced this is the best way to approach your challenge but will need to concede that without greater detail its difficult to provide sound advice.
I’d be more than happy to discuss further to ensure that we can get the right outcome for you – please feel free to reach on 03 9018 5912 or michael.kinens@iress.com
‘Gone the way of the dodo’
I can’t think of any software that you pay for purely a ‘Time Per Use’ basis. Your CRM is going to be an upfront payment to buy it, or it’s going to be an on-going subscription. It’s a bit of a pipe dream to believe you’re going to get a software that allows you to pay for the limited time that you use the software.
If you write small amounts of advice and you’re not getting the value for time use out of the licences on the software why don’t you consider some alternatives?
Find a partner business that you can outsource the SOA work? You can get rid of the advice software altogether, free up your time spent doing the comparisons and use that time seeing your clients or business development. If you’re only writing 5 SOA’s on the odd month it doesn’t seem worthwhile to have the process in-house.
Ill be honest, I used to think it was a dinosaur… Then, finally, I worked somewhere without xplan restrictions. Pretty impressive how comprehensive it can be when its allowed to be. Borderline automated SOA’s once templates have been invested into and the CRM can be quite streamlined.