Insights for advisers, by advisers

Xeppo seeks to support advisers in harnessing data


According to wealth management platform Netwealth (ASX: NWL), “Two in five advice firms will look to integrate their systems and databases in the next 24 months.”

Assuming it’s correct, the wealth platform space will either undergo major consolidation or external system integration of some sort, that connects different sub-systems to one larger system that functions on its own.

Database and system integration technology can be used to link together independent web apps to pass information between cloud-based apps and software systems.

The Netwealth 2020 AdviceTech Report shows that the top suppliers of database and system integration technology used by wealth professionals and financial advisers include: a solution built in-house (37.3% of advice firms), Zapier (24.3%), Xeppo (21.6%), IFTTT (8.1%), Evernote (5.4%) or an unlisted system (8.1%).

You don’t have to look far to see this consolidation of sub-systems occurring already. Netwealth recently partnered with fintech Xeppo in a deal that saw the listed company buy an initial 25% equity stake in Xeppo with the option to raise its investment to 50%.

Research firm Investment Trends found that on average, the number of platforms used by advisers had increased to 2.6–3.0, the highest level in three years. That’s a staggering three platforms on average across which an adviser’s client base is spread. Three platforms just to manage client holdings, administration and reporting. For an adviser, this is a headache.

What is Xeppo?

The aim is simple, to create a “middleman” on which an adviser can view client data all in one place regardless of where it has come from. Xeppo does just that. It “specialises in developing data solutions for the wealth management, accounting and mortgage industries.”

Essentially, it connects with a growing list of cloud and stand-alone financial systems via an application programming interface (API). It then consolidates this data into a single interface for the client to see.  The financial advice industry is renowned for the number of ‘add on’ technology platforms being made available, but also the inability for these platforms to work together and actually support more efficient servicing of clients. 

The really interesting stuff starts to take place when Xeppo uses this data to analyse metrics and display reports using another sub-system. For example, Xeppo can enable advisers to cross-reference databases across practices to identify additional revenue streams, promote add-on services and track sales opportunities. It will also allow “individual clients to have a total view of their financial information within a single platform, including tax returns, investments and SMSF balance.”

Being able to do this is a world-first for financial advisors, business advisors and accountants; having a system in which data management and CRM are all stored in a cloud environment. Here are a few dot points to highlight Xeppo’s capabilities, using Xero and Sales app:

  • Can be used on mobile or desktop.
  • Real-time view of cash flow.
  • Reports can be issued such as reconciliation, invoices, or expense claims.
  • Online invoicing – can be issued to customers.
  • Bank accounts can be reconciled using Xero
  • The Xeppo Sales App identifies business leads and opportunities and tracks them through the pipeline.

As the survey showed, Xeppo is becoming more popular with financial advisers. Not only does it capture and organise an advisory firm’s client data all in one central dashboard, but its ability to link disparate systems together to share data is ground-breaking.

Not only will it help advisers produce higher-quality reports and analyse data using multiple systems but it saves time that would have otherwise been wasted on manually updating and producing reports in Xplan. Portals are also available to analyse leads, potential opportunities and conversion rates. The program even flags opportunities with high growth potential as they arise. Either way, we look at it, Xeppo improves workflow efficiencies and will help drive growth higher.

To view Xeppo’s entire connectivity list click here.

IN Partnership

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