The Class to XPLAN data feed enables financial advisers, accountants and their clients to share a single, consistent and up to date view of wealth across SMSF and non-super entities, supporting more informed decisions, improved collaboration and delivering a better client experience. The feed includes all investments held within Class, including unlisted assets such as direct property.
Currently there is significant overlap when it comes to administering SMSFs for clients, with financial advisers using financial planning tools such as XPLAN, and SMSF accountants or administrators using specialist SMSF software such as Class.
The new Class and XPLAN integration enables seamless sharing of data between the two systems. This eliminates the need to re-key data into multiple systems, saving significant time, lowering the cost of advice delivery and reducing the risk of errors.
Delivering flexibility and choice The integration provides inherent flexibility, allowing users to pick and choose which accounts they want to include from Class, and which they want to receive from source. Users can also decide which transaction history they want to maintain prior to switching on the integration, and easily reverse decisions at a later date if required.
Meanwhile, over 30 different cash transaction types have been made available within the integration, allowing users to easily identify cash transactions based on matching already done on Class - for example pension payments, contributions, income, actuarial expenses or property expenses.
Glenn Poynton, Director of Strategic Alliances at Class says: “We’re pleased to have developed this latest integration with XPLAN, which is set to be a game changer for accountants, advisers and their clients. This is just one example of the tool set Class is developing to support the adviser community in delivering up to date, high quality information and driving better business outcomes.”
Jennifer McDermott, Executive Product Manager, Portfolio, at IRESS said: “We are pleased to partner with Class as part of our ongoing commitment to making it easier for advisers to meet their clients’ needs, including improving the quality and timeliness of the data available to advisers.”
This latest integration builds on existing functionality already available, which allows XPLAN and Class users to access up to date fund and member information, including balances and contribution caps, via a real-time view in XPLAN. A range of Class reports for SMSF clients can also be run in XPLAN, including Contribution Caps, Member Benefit Statement and Unrealised Capital Gains.
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