Class completes Xplan integration to focus on automation for advisers and accountants

July 22, 2020

Sydney, July 22: Class Ltd (ASX:CL1) has announced that it has entered into public pilot for its integration with Xplan, providing market-leading insights into client management for the financial advice and accounting industries.

The Class data feed to Xplan provides a single, consistent and up-to-date view of client wealth across SMSF and non-SMSF entities for financial advisers and accountants. The feed includes all investments held within Class, including unlisted assets such as direct property. This allows customers to seamlessly maintain a consistent portfolio position, while reducing double-data entry into both systems.

Xplan is one of Australia’s leading financial advice software platforms, and Class customers will benefit from an estimated time saving of up to four hours on each report review, and up to eight hours saving on advice documents per client.

“We know that the provision of automation is a key issue for our current and future customers, as reflected in the recent Industry Trends SMSF Accountant Report,” Class CEO, Andrew Russell, said. “We aim to remove significant technical complexity and the use of time while solving real customer problems such as removing manual entry through feed automation.

“Time is our customers’ most valuable resource and we remain focused on helping them save that by providing even more value for money from their Class subscription.”

The Class product suite is designed to enable multi-disciplinary firms to serve their customers better by delivering cross platform functionality and features designed around what customers need from their service providers.

“In order for technology companies to thrive in the modern world, they must look to partner with other businesses in the wider technology ecosystem to continually deliver value for money and cross-platform functionality for customers,” Russell said. “Under our re-imagination strategy we want to become one of Australia’s most trusted technology partners, and integrations like this with Iress’ Xplan are an example of how we want to partner with industry.”

The Class data feed to Xplan integrates seamlessly with both Class Super and Class Portfolio. This enables advisers to use Class’ extensive list of features allowing them to ‘set and forget’ manual time-consuming tasks so they can spend their time more effectively and minimise the risk of data errors.

The Class data feed features include:

  • Unlisted holdings are included in the feed so there is no longer a requirement for this manual work to be done in both systems. This will provide for a more accurate picture in the performance report and again will prevent duplicate manual work.
  • Over 30 different cash transaction types allow users to easily identify cash transactions based on matching already done on Class – for example pension payments, contributions, income, actuarial expenses or property expenses.
  • Xplan users can pick which accounts they want to include from Class, and which they want to receive from source.
  • Users can decide which transaction history they want to maintain prior to switching on the integration, and easily reverse decisions at a later date if required.

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