Iress sharpens tech integration to reduce adviser admin burden

Iress is building a structured pathway for technology providers to connect with Xplan, its financial planning and wealth management software, helping ease administrative burden on advisers.

Iress said the refreshed model moves away from open integration to an ecosystem focused on technology providers addressing adviser needs including reducing friction in client onboarding, bringing legacy planning into the advice workflow and improving efficiency through connected data and smarter automation.

"Advisers are looking for solutions that work together seamlessly, reducing administration and enabling them to focus on delivering better client outcomes," Iress general manager of customer distribution Kerry Ong said.

"Our refreshed Xplan integrations ecosystem makes it easier for advisers to connect the tools they rely on, while giving technology providers access to a highly engaged adviser community."

Technology providers integrating with Xplan will get a structured integration pathway, including evaluation environments, API access, setup support, and technical collaboration through the Xplan developer community.

Alongside existing 30 active partners in the ecosystem, new Xplan integrations include Annature and BillWill, supporting key areas of adviser demand including digital client onboarding, identity verification and estate planning.

Annature is a digital signature and identity verification platform that enables advisers to send documents for signing directly from Xplan and automatically archive executed documents back into the client file.

Annature chief executive Corey Cacic said: "Our integration with Iress Xplan means we can now automate processes that were previously manual, while ensuring data stays perfectly synced between both systems at all times."

BillWill is a living register that sits between a client's legal will and their financial plan, capturing the financial, practical and personal detail a family needs when a client loses capacity or dies.

BillWill founder, Colin Jowell, said: "Advisers are increasingly helping clients navigate complex life events, but estate planning information is often fragmented and difficult to manage.

"Because much of that detail already sits in Xplan, the integration connects legacy planning to the advice workflow, letting advisers establish a register in minutes from information the practice already maintains," Jowell said.

Ong said Iress is building an ecosystem of technology partners that deliver meaningful value for advisers and support innovation across the advice landscape.

"By partnering with providers addressing the most important needs of Australian advice practices, we can help create more connected, efficient and scalable technology environments," Ong added.

Iress chief executive Andrew Russell told Financial Standard recently its partnership with Thoughtworks and plans for Xplan are focused on making the platform faster and improving overall performance.

"We've got some tactical improvements coming that advisers will notice, particularly around the look and feel and the modernisation of the client portal. We're also making technical improvements to workflows and bringing AI into those processes to drive productivity gains across the advice workflow," Russell said.

He added advisers' increasing workloads are driving Xplan's process and technology uplift.

"We're trying to improve adviser productivity. If providing advice, including meeting with a client, completing the fact-find and delivering advice, currently takes eight hours, we're going to use technology to try to reduce that to five hours. That's a material productivity improvement," he said.