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Financial Planners and Investment Platforms
Financial Planners are in the public eye at the moment, more than ever before. A number of government and professional reform projects are underway, consequently the profession is undergoing a lot of change.
Money Management has put together a highly competent rundown of the relationship between Financial Planners and investment vehicles that are generally considered to have been built for the Financial Planning profession, helping them to easily recommend and place investment alternatives for their clients. Being mostly owned and run by large institutions, platforms and wraps are not without criticism by investors and the accounting profession, though, particularly concerning fees and transparency.
Individual investors and Trustees of SMSFs that are managing their investments themselves and don't use investment managers or financial advisers, are increasingly critical of platforms and wraps.
The article below carefully examines the views of specialist researchers such as Investment Trends and the insights of industry specialists, such as Andrew Bird, Executive Director of our partner organisation Sharesight and former Morningstar CEO:
Posted by Wolf Schumacher
Web services in action: Sharesight and RewardSuper
Sharesight provides automated, online portfolio management software for share market investors. As well as the usual compliance reports for tax and accounting, Sharesight answers the big question that every investor wants to know: "How well has my portfolio really performed?" In other words Sharesight calculates the per annum return (including dividends and currency movements) across any date range.
Like RewardSuper, Sharesight provides Software as a Service (SaaS). Our philosophy is simple: We provide the service and the customer owns the data. We took this a step further by developing our Sharesight Connect API. Sharesight Connect allows our customers to authorise third parties like RewardSuper's Accounting and Advice customers to have secure access to their portfolio data.
How the integration works
Our integration with RewardSuper’s RSDataWeb platform is a great example of web services in action. In a typical example, RewardSuper's Accounting customers will obtain permission from their clients to receive their trade records (contract notes) from the broker. This trading data is then electronically populated into Sharesight via Sharesight Connect, ensuring the client’s Sharesight portfolio is up to date with no manual input required. By combining this share trading data with comprehensive share market data, Sharesight automatically populates dividend records and adjusts for share splits, bonus issues, consolidations, name changes and capital returns for any shares listed on ASX, NYSE, LSE, NASDAQ and NZX. This data can be checked and maintained by either the client or their accountant. The complete portfolio data is then available to be automatically read back into RSDataWeb via Sharesight Connect where it is made available to be imported into one of the range of RSDataWeb's supported accounting systems.
Everybody wins
For the first time we are seeing a seamless flow of data between the broker’s trading platform, the client’s portfolio management software, and the accountant’s accounting system. Gone are the days where portfolio data is manually duplicated into a number of disparate systems. Accountants win by being able to provide clients with a more cost effective solution. Clients win by getting better value for money and, if they are using Sharesight, being much better informed about the performance of their portfolio with virtually no effort required by them.
Author: Scott Ryburn, Sharesight.com.au
