Initiate Macquarie Wrap Transactions Directly from Financial Planning Software

02 November 2006

Macquarie Adviser Services today announced it is working with the leading financial planning software providers to create innovative and seamless links between Macquarie Wrap and their financial planning software.

These innovative links will give Macquarie Wrap a direct ‘peer-to-peer’ integration with Coin Financial Planning Software, Xplan Technology and VisiPlan.

The new interfaces enable advisers and their support staff to navigate quickly and easily between their planning software and Macquarie Wrap, without rekeying, without unnecessary client searches and without endless manual intervention.

The integration, which is already in place with Coin and is being rolled out to Xplan and VisiPlan, will ensure that Macquarie Wrap Solutions can talk directly with the leading front office solutions saving advisers time and significantly cutting their administration.

The new solutions that have been introduced by Macquarie Wrap Solutions are: automated data feeds: automated transaction processing; and easier navigation through quicklinks.

The Head of Macquarie Adviser Services, Neil Roderick, said Coin and Xplan users were already experiencing automated data feeds, where Macquarie Wrap automatically feeds client data into the advisers’ software every day. Development is underway with IWL to facilitate the same services to VisiPlan.

The automated system significantly reduces the chance of an error occurring in the manual process of downloading valuations, and other client data, from one system to the other.

Mr Roderick said the most important innovation, already available on Coin and soon available through Xplan and then Visiplan, was the ability for advisers to initiate Wrap transactions directly from their financial planning software.

Coin is already offering navigation directly from the front-end into the platform. Xplan will be on-line with transacting and navigation in the near future and Visiplan also offer a form of navigation which they are currently developing to the same level as Coin.

Mr Roderick said similar interfaces would be extended to the Macquarie Cash Management Trust and Macquarie Life, providing advisers with the full range of tools they need to efficiently manage their clients’ Macquarie accounts.

“The transaction functions allow advisers to send transaction instructions directly from their financial planning software, click through to the exact screen that they need in wrap to authorise the transaction instructions without any re-keying or unnecessary client searches.

Advisers were adamant, when we spoke to them that they no longer wanted to “double key” every instruction.

“Double-keying is time consuming, it increases the chance of human error and the potential cost and time and client dissatisfaction that results from this can and should be avoided.

“Providing transaction functions will provide clear benefits to advisers and the service that they can offer their clients. The direct peer-to-peer solution also puts them in control of the choice of financial planning software that they use.

“Macquarie Adviser Services don’t believe advisers should be dictated to on which financial planning software they use, which is why we are working closely with both Xplan and IWL.

“We are working on integrating our solutions with all the leading software providers so that advisers have access to our solutions through the systems they already use. This gives advisers the solution without the cost of implementing and learning new processes.

Mr Roderick said the innovations introduced by Macquarie Adviser Services would change the way that platforms talk to financial planning software.

“Advisers don’t want to deal with two or more information flows at once for one client, they want to have everything in one place with a seamless interface between their software and their platform. They also don’t want to have to pay for this additional service which is why we are integrating itinto our standard platform offerings” Mr Roderick said.

“We have surveyed groups of advisers to get their individual views on this and they told us that the streamlining of transactions is one of the technology improvements that is most important to them.

“Research conducted by Investment Trends also supports this, with 70% of advisers surveyed saying they wanted to have transaction capabilities integrated into their planning software rather than see planning tools added to their platform.

“The efficiency benefits of this are enormous.”

For more information please contact:

Irene O'Brien
Head of PR & Communication
Macquarie Financial Services Group
Macquarie Funds Management Group
Tel: (612) 8232 3241
Mobile: (61) 417 260 309

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