GBST delivers ‘cutting-edge’ upgrades to advice platform

Patrick Buncsi

28 February 2024

Australian wealth technology developer GBST has unveiled a series of upgrades to its recently acquired WealthConnect platform, including improvements to its onboarding, advice modelling and ‘Advice Wizard’ functions.

Among WealthConnect’s new feature set include advanced strategy modelling with entity tax projections, an “enriched” onboarding capability, and newly integrated service delivery tracking functionalities, the company said.

The Salesforce-based, software-as-a-service (SaaS) platform now boasts a new multi-entity interactive scenario modelling for superannuation, pension, and self-managed super fund (SMSF) strategies. As well, WealthConnect’s ‘Advice Wizard’ – the platform’s advice lifecycle planning function – comes integrated with a calculation engine, providing projections of cash flow, taxation, and net worth and enabling users to create and compare multiple scenarios.

“This bespoke in-platform functionality improves client and adviser experience, supporting engagement with an easy-to-use and compliant advice process and workflows,” GBST said.

Additionally, the firm boasts that the newly upgraded WealthConnect platform provides users with increased flexibility in modelling strategic advice for individuals, companies, trusts, and SMSFs.

Acquired by GBST in May 2023 from the now-defunct wealthtech firm CreativeMass, WealthConnect is an all-in-one digital adviser practice management, CRM and compliance system.

Pierce Wittke, WealthConnect’s chief technology officer, said the upgrades will enable the digital production of client advice documents, recommendation creation, and intuitive business processes.

In addition, the platform will provide a new electronic client consent capture which promises to “further [enhance] efficiencies without compromising compliance or increasing the cost to serve”.

“This supports compliant practice and minimises interaction oversight to improve accuracy in client communication and disclosure consent,” GBST said in a statement.

Commenting on the platform’s upgrades, GBST’s head of APAC, Jeff Hall said the firm was “committed to advancing our advice solutions product portfolio.

“Our mission is to offer advice professionals increased process proficiency, deeper insights and enhanced financial projections, ultimately delivering an improved overall client experience.”

“Given the diminishing number of advisers, financial professionals in the advice sector face challenges in meeting client demands and are advocating for increased efficiencies in advisory tools.

“Our aim is to assist in minimising cumbersome back-office tasks, allowing a greater focus on value-added services,” Hall said.