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Advisers get a ClearView with new money management solution

Listed financial services company ClearView Wealth Limited (ASX: CVW) will roll out a new cloud-based money management solution across its financial planning subsidiaries, ClearView Financial Advice and Matrix Planning Solutions, which will help advisers enhance their advice proposition and foster deeper client relationships. ClearView’s deal with Australian FinTech company Moneysoft will give the group’s network of over 220 financial advisers the ability to immediately see a client’s total financial position; track their income, expenditure and cashflow; and provide more comprehensive, tailored advice. Chief executive of Matrix Planning Solutions and ClearView Financial Advice Todd Kardash said Moneysoft gives advisers direct access to invaluable information about their clients’ financial position and activity, empowering them to challenge and coach clients to positively modify their behaviour in order to do more with their money and increase the probability of achieving their long-term goals and objectives. “Budgeting and cashflow management is the cornerstone of quality personal advice but traditionally advisers have relied on their clients to provide information on their income, expenses and spending which is both cumbersome and inefficient,” he said. “With Moneysoft’s cloud-based technology, advisers now have accurate, up-to-date and independent information. The onus isn’t on clients to provide information nor is it on advisers to gather and manually key in account balances each month. By automating the process, practices can achieve greater efficiency, transparency and productivity, and ultimately improved client outcomes.” ClearView is the latest financial advice group to sign up for Moneysoft, joining ANZ Wealth’s RI Advice and Financial Services Partners. ClearView advisers will receive ongoing training and support from Moneysoft to ensure a seamless integration with their advice processes. The deal follows Moneysoft’s integration with Matrix-backed financial modelling and portfolio tracking tool Prospera in October. Jon Shaw, Moneysoft Head of Technology and Commercial Operations, said Moneysoft allowed advisers to make a profound difference in their clients’ lives by teaching them the value of sticking to their financial plan and helping them identify whether their spending behaviour should be adjusted. Moneysoft also enabled advisers to grow their revenue by offering an innovative budgeting and cashflow management service, he said. “For advisers who want to expand their value proposition and steer the client conversation away from investments and investment performance, Moneysoft supports a model of shared responsibility in the adviser/client relationship which focuses upon budgeting and cashflow management,” Mr Shaw said.   This article was published within Professional Planner on 25th November, 2015