Commonwealth Bank Wealth Management Advice (WM Advice) has today announced an agreement to extend its use of IRESS wealth technology solutions – currently deployed by Count Financial and the Commonwealth Bank’s Business and Private Bank – to all WM Advice licensees including Commonwealth Financial Planning, Bankwest Financial Advice and Financial Wisdom.
Executive General Manager Advice, Marianne Perkovic, said the objective behind establishing this strategic partnership is to leverage market-leading technology to deliver a simpler and more engaging way to offer quality advice at a lower cost.
“This investment in technology will help us secure and enhance the financial wellbeing of our customers by ensuring that all Australians have easy access to quality and affordable financial advice.”
Technology solutions that will be provided to WM Advice financial advisers include the IRESS XPLAN platform and IRESS’ new XPLAN Prime solution. Commonwealth Bank will be the first company to use XPLAN Prime to deliver an integrated scaled advice solution.
The technology will streamline processes to make advice more affordable, while providing financial advisers with new and innovative engagement tools to help their customers better understand, set and track their financial goals.
The transition to IRESS technology will take approximately two years to complete and will bring all WM Advice licensees onto the same advice platform, making future development easier and more cost-effective to implement.
The agreement with IRESS follows an extensive Request for Proposal (RFP) process which included submissions from a number of leading domestic and international financial planning software vendors.
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