For the third year running, XPLAN recorded the highest level of satisfaction amongst planners for fully featured planning software.
The findings, released in the latest Investment Trends Planner Technology Report, also highlighted that XPLAN topped the 'Planning software industry league tables' in many of the categories that adviser feedback was sought, including:
- ease of use
- capturing fact finding information
- producing financial plans for both basic clients and clients with complex requirements
- constructing portfolios
- scenario modelling
- practice management support and risk research.
The report also found that IRESS' combined market of adviser desktops had grown from 15% in 2006 to 50% in 2007, following recent acquisitions of PlanTech and VisiPlan. Peter Dunai, Managing Director of IRESS, said “Our commitment to the wealth management space through acquisition and ongoing organic growth is clear. We see our scaled independent position as unique and appropriately placed to invest in both client-driven and industry solutions for the future.”
"This is a pleasing result and reaffirms our strategy to focus on the integration of solutions like Risk Researcher, Super Solver, AppCentral and commission management tools into our financial planning software products" said Andrew Walsh, General Manager of IRESS Wealth Management Solutions. "Whilst the report found that advisers viewed 'integration' as the single biggest technology challenge facing their businesses right now, those XPLAN users surveyed were also the most likely to suggest that they already had an integrated solution" Walsh added.
The report found that the pre-population of forms by planning software was viewed as being the most desired integration improvement which advisers felt would have the greatest benefit for their business. Data from master trusts/wraps, streamlining transactions and online applications, redemptions and switches were also identified as improvements sought. Commenting on these findings, Walsh highlighted that "Recent developments which allow advisers to open platform accounts and transact directly from within XPLAN would go a long way to addressing many of these sought improvements, and IRESS will continue to invest heavily into this area to positively impact adviser profitability and efficiency gains."
The report also outlined the continuing trend of planners favouring internet accessible storage of client data. Investment Trends Principal Mark Johnston said that "The survey details that the number of planners who would prefer client data to be stored locally has declined every year since 2004. The number of planners who would prefer to use planning software installed on their own computer had also declined from 42% in 2005 to 27% in 2007".
"IRESS continues to provide a unique offering by delivering 'software as a service' which frees-up advisers to focus on advising clients rather than becoming IT managers. The results from the survey are reflected in the level of interest advisers have shown in our web-based solution, given its ease of deployment and maintenance, as they look for growth opportunities." said Walsh.