We have some exciting updates, along with a few highlights from this month's newsletter.

July has been a huge month.

Our partnership with Ensombl continued with the launch of the Iress Xplan space. We’ve been pleased to see so many of our customers join the space, comment, and ask questions. It’s exactly what the space is there for, and it’s been fantastic to see those conversations flowing. We also have a number of Iress experts appearing in the space sharing important product updates, so make sure to take a look.

You may have seen that we released our Q3 Product Roadmap update. There’s some great news in there, with new SMA capabilities, big uplifts to retirement modelling in Visualise as well as improvements to Document Notes. For a deeper dive, you can watch the recording from the roadmap webinar earlier this month. Tell us what you think, we’d love your feedback!

And last, but certainly not least, we launched Advice 2030: "The Big Shift," in partnership with Deloitte Access Economics. This is a landmark piece of research that uncovers seven societal megatrends expected to drive demand for financial advice in Australia, potentially bringing in $2.1 billion in new revenue and nearly half a million new clients by 2030. The research unpacks the opportunities in front of financial advice businesses and the four key choices advisers must make in their business over the next five years. We undertook this research to support you - our clients - in making the right decisions for your business over the coming years. Download the full report here.

In this month’s edition, we’ve included some tips on how to enhance client engagement with our new Xtools+ functionality and the latest update to WealthSolver - our new underperforming funds red flag feature which will save you hours researching super funds for clients.

Lastly, mark your calendars for next month's Iress Learning Centre webinar on Mastering Document Notes for business success. Registration details are here - be sure to secure your spot.

Artificial intelligence (AI) is rapidly evolving, and in financial services it is acting as both a powerful ally and a formidable threat. On one side, AI strengthens our defences: automating threat detection, accelerating response times, and helping safeguard sensitive client data. On the other, it’s being weaponised by cybercriminals to launch smarter, faster, and more personalised attacks. We caught up with Software@Scale’s CEO, Louis Droguett, who spoke to us about how to build resilient advice businesses in a digital world.

Software@Scale works with financial firms navigating this new reality - where AI is both a shield and a sword. With CPS 230 on the horizon and cybercrime growing in both frequency and sophistication, financial advisers and institutions must act decisively to protect clients, teams, and operations from the next generation of AI-driven threats.

The sword: AI-powered cyber threats on the rise

Over the next few years, we see the following AI-enabled threats as the most pressing in the financial advice and wealth sector:

Deepfake scams and synthetic identity fraud

AI-generated deepfake audio and video can convincingly mimic executives, colleagues or clients, enabling highly believable social engineering attacks. For example, an advice firm’s staff member could receive a call from a “client” (voice cloned via AI) asking for an urgent funds transfer. Without rigorous verification, the transfer goes through and the funds are lost. Synthetic identities, or AI-generated fake personas, are already being used to apply for loans, open fraudulent accounts, and bypass KYC controls.

Hyper-personalised phishing campaigns

Using AI tools like ChatGPT or LLM-based phishing generators, cyberattackers can now craft highly contextual, flawless phishing emails that are nearly indistinguishable from legitimate communications. For example, a fake investment opportunity could be sent to clients, written in an adviser’s tone of voice, referencing recent conversations, which is generated automatically using compromised email data.

Supercharging targeted entry-point attacks

AI can dramatically accelerate cyberattacks by automating the process of identifying and exploiting weak entry points across an organisation. Instead of targeting a single user, AI-powered tools can quickly scan public data, social media profiles, email formats, and communication patterns of everyone in a firm - from front desk staff to senior advisers. This allows attackers to map out a company’s structure and zero in on the most vulnerable individual. With that data, AI can craft convincing, personalised phishing emails or voice deepfakes tailored to each target. All it takes is tricking one person, and AI makes finding that person faster, easier, and far more precise than ever before.

Dark web-driven ransomware and data leaks

The dark web serves as a hub for ransomware-as-a-service (RaaS) and data leak marketplaces, where cybercriminals plan and execute attacks against financial firms. Ransomware groups often advertise stolen client data, such as loan approvals or portfolio allocations, on dark web forums before demanding payment. In 2022, fintech giant Revolut suffered a breach impacting over 50,000 customers, with data later posted on a ransom group’s dark web leak site. AI enhances these attacks by automating data scraping and encryption processes, increasing their speed and scale. Financial firms face not only financial loss but also regulatory penalties and reputational damage from such leaks.

The shield: How AI can strengthen cyber defense

While these threats are real, AI is also redefining cybersecurity for the better. Financial firms can, and should, harness it to:

• Detect and respond faster: AI-driven systems can process huge volumes of data in real-time - flagging suspicious activity, triggering instant alerts, and locking down compromised systems. Think: an account accessed from two countries at once? Auto-freeze.
• Predict vulnerabilities before they’re exploited: Machine learning models can predict future attack vectors based on historical data, helping firms proactively patch weaknesses before attackers strike.
• Automate compliance and threat intelligence: AI can streamline regulatory reporting, assess control effectiveness, and track changes across infrastructure, helping firms stay compliant with CPS 230 and other evolving frameworks.

Five things advice firms should do now

AI-driven threats are making attacks faster, more convincing, and harder to detect, but staying secure doesn't mean reinventing the wheel. For most financial advice firms, it’s about doing the basics well and consistently. These five actions are simple, proven, and essential.

1. Train your people: Shift from awareness to behavioural readiness

As AI-powered cyber threats grow more sophisticated, firms must continue to learn beyond basic AI awareness and focus on developing real behavioural readiness across their teams. Education should not be treated as a once-a-year compliance exercise - it needs to be continuous, scenario-based, and aligned with the evolving threat landscape. Tools that simulate real-world attacks, such as AI-generated phishing emails and deepfake voice messages, are proving critical. These simulations can address up to 60% of the tactics used in actual cyberattacks, helping staff build muscle memory and improve decision-making under pressure.

Regular phishing drills, incident response exercises, and social engineering simulations tailored specifically to financial advice contexts, can empower staff to respond quickly and confidently to threats. This proactive approach ensures that teams are not simply relying on IT systems to catch attacks, but are actively contributing to a resilient, security-first culture.

To support this shift, firms should consider adopting frameworks like CPS 234 and recognised cybersecurity certifications. These frameworks help formalise core controls such as incident response planning, risk assessments, and third-party oversight, all of which are essential to earning trust in your cybersecurity maturity.

2. Invest in robust detection tools

Invest in sophisticated detection tools that go beyond traditional antivirus and spam filters. Modern cybersecurity platforms now use machine learning and behavioural analytics to identify subtle anomalies in user activity, detect AI-generated phishing attempts, and flag deepfake content in emails or voice communications. These tools can recognise patterns that indicate deception, such as unnatural language structure, time-of-day inconsistencies, or mismatched sender credentials - even when the message appears highly personalised. By deploying these intelligent, adaptive systems, advice firms can proactively detect and block threats before they reach clients or compromise sensitive data.

3. Enable multi-factor authentication everywhere

In an AI-driven threat landscape, the safest assumption is to trust nothing and verify everything - whether it’s a device, a login, or a request. Adopting a zero-trust approach means implementing robust controls like multi-factor authentication (MFA), privilege-based access management, and continuous identity verification. These measures don’t just protect internal systems - they signal to clients that cybersecurity is embedded into your firm’s culture, not just your tech stack. In fact, research shows that MFA alone can prevent nearly 90% of cyberattacks, making it a simple yet powerful step toward a more secure, client-trust-driven business.

4. Patch the gaps: Keep your system updated and maintain vendor oversight

As AI accelerates the speed and precision of cyberattacks, keeping systems up to date has never been more critical. Hackers can scan networks for unpatched vulnerabilities in seconds - turning outdated software into open doors. For advisers, this means routine patching and automatic updates should be non-negotiable across every device and platform.

Cyber risk doesn’t stop at your internal systems. Many advisers rely on a range of third-party platforms, from CRM tools to investment software, all of which store or transmit sensitive client data. It's essential to assess the cybersecurity posture of your providers, ensuring they too have strong patching protocols and risk controls in place. Maintaining your tech stack and monitoring your external partners is not just about operational hygiene - it’s about protecting client trust and safeguarding the integrity of your business in an AI-powered threat landscape.

5. Monitor the dark web for proactive threat intelligence

The dark web is a hidden marketplace for stolen data, AI-powered hacking tools, and ransomware-as-a-service, fueling many of the sophisticated attacks targeting financial firms. Proactively monitoring dark web forums, marketplaces, and Telegram channels can provide critical early warnings of threats, such as leaked client data, compromised employee credentials, or planned attacks against your firm. AI-driven dark web intelligence platforms use machine learning and natural language processing to scan these environments in real-time, identifying risks like stolen KYC documents or credit card records before they’re exploited. For example, in 2023, dark web monitoring helped a U.S. financial institution detect a brute force attack planned against its trading platform, enabling preemptive defenses.

By integrating dark web intelligence into your cybersecurity strategy, you can prioritise vulnerabilities, strengthen access controls, and prevent breaches like synthetic identity fraud or ransomware. This approach also supports CPS 230 compliance by demonstrating proactive risk management and third-party oversight, reinforcing client trust in your firm’s ability to safeguard their data in an AI-driven threat landscape.

Turning insight into action: Building cyber resilience now

AI is reshaping both the risks and the defences in cybersecurity. Staying protected starts with getting the basics right and doing them well, consistently. Financial advisers and institutions must understand AI’s dual role and take practical steps to adapt. Software@Scale helps financial services firms stay ahead of AI-driven threats by delivering scalable, strategy-led solutions that combine compliance, cybersecurity, and operational efficiency.

Software@Scale’s CEO, Louis Droguett, will be discussing why cybersecurity is paramount to client trust and engagement with a panel of industry leaders at Iress’ WealthTech Summit on August 6. Are you an Iress client or partner? Join us by reaching out to your relationship manager or the Iress support team today to secure your spot, or send us a message.

What will your future clients expect? And will you be ready for them? We sat down with award-winning Australian social researcher and futurist Mark McCrindle to unpack Generation Beta: the AI-native, sustainability-driven cohort just beginning to enter the world. Discover what sets them apart and how financial advisers can start adapting now to meet the needs of this next-gen clientele.

Who is Generation Beta?

Generation Beta includes those born between 2025–2039, following Gen Alpha (2010–2024). They’re projected to make up around 16 % of the global population by 2035.

What shapes Gen Beta’s upbringing and worldview?

Gen Beta will grow up fully immersed in AI, automation, and smart systems, from self-driving transport to personalised education and healthcare. They’ll also be raised in families of younger Millennials and older Gen Z parents, who are generally cautious about screen time, digital safety, and mental wellbeing.

What values and priorities might Gen Beta hold?

Environmental consciousness and innovation‑for‑purpose will likely be core. Sustainability is expected to be non‑negotiable, not a preference. They’ll also have a stronger sense of global citizenship and collaborative community values.

How will Gen Beta engage with technology and identity?

They’ll seamlessly blend physical and digital worlds, curating digital identities early with parental guidance. Expect them to weave hyper‑connectivity with individuality, navigating both online and offline communities.

What are the key implications for financial advisers?

• Early and holistic family engagement: Advisers will need to connect not only with parents (Millennials and Gen Z), but position financial planning as a family-wide endeavour, covering child education, health, and welfare in a tech-enabled context.
• Integrated, tech-powered advice delivery: Expect Gen Beta to demand seamless digital tools, augmented reality goal‑setting sessions, AI-driven cash flow tracking, gamified education savings plans, and real-time updates via mobile and wearable integrations.
• Ethical and sustainable investment demand: ESG and impact investing will be table stakes. Gen Beta will expect portfolios aligned with climate action, social equity, and long-term sustainability.
• A lifespan approach to planning: With AI education and personalised learning in place, advisers must adopt a lifetime model - from newborns’ education funds to future adult career transitions. This includes planning for multi‑career trajectories and ongoing upskilling.
• Digital identity and privacy concerns: With increasing focus on digital footprints, advisers may need to consider advising on safeguarding digital assets and data privacy as part of legacy and estate planning.

What should advisers be doing now to prepare?

• Stay ahead on tech trends: Invest in AI‑powered tools for advisory workflows and client engagement that are secure and intuitive.
• Master ESG frameworks: Polish expertise in sustainable investment methodologies, reporting standards, and outcome measurement.
• Redesign client experience: Build digital-first onboarding, collaborative dashboards for parents and children, and modular financial roadmaps.
• Learn about digital identity protection: Understand privacy regulations and how to bake them into financial planning solutions.
• Build partnership channels: Consider connecting with ed‑tech platforms, lifestyle brands, and even health‑tech startups that serve Gen Beta families.

Generation Beta heralds a new era of hyper‑connected, sustainability‑driven, tech-immersed potential advice clients. For financial advisers, this means evolving from transaction- or product-focused services to digital-first, ethical, multigenerational wealth architects. By embracing AI, ESG, family-focused digital engagements, and privacy stewardship, advisers can position themselves as trusted guides for this next wave of clients, even before the first ones turn five.

Mark McCrindle will be unpacking Australia's shifting demographics and how they'll redefine advice delivery at Iress’ WealthTech Summit on 6 August.

Finura Group is an independent Australian consultancy specialising in WealthTech strategy and execution for over 40 clients across Australia and the UK. Every year, Finura makes predictions for the financial services and WealthTech landscape, focusing on the intersection of technology trends, local tech players, and the evolving needs of financial advisers and licensees. Finura’s annual predictions are the most popular topic in their WealthTech Insider podcast, which discusses all things financial and wealth tech, plus industry news and trends.

What were Finura’s WealthTech predictions for 2025?

Finura forecast that in 2025, companies will fall into two categories: those undergoing mergers and acquisitions, and those preparing for them. The primary challenge won’t be technology itself, but rather cultural adoption and operational integration. As one CEO put it, “We don’t have a technology problem; we have a change management problem.” The future of WealthTech success hinges more on people and processes than on tools. Finura canvassed eight key themes for 2025:

1. Advice tech feels the squeeze and stays in neutral

With adviser numbers stabilising at 15,000, margin pressure is expected to intensify across the WealthTech sector. Providers reliant on adviser-based revenue models face three key challenges: zero system growth, rising compute costs (especially due to AI), and leaner new competitors. The traditional “Rule of 40” (Growth % + Margin % = 40%) becomes harder to meet, forcing companies to push for high margins and leaving little room for discounts or innovation. Mature software firms are likely to turn to acquisitions to reignite revenue growth.

Action for advisers: Build resilience into your tech strategy

Tech resilience is now a strategic priority. Advisers should shift from passive adoption to active management of their tech environment - controlling costs, safeguarding continuity, and staying agile in a slower-growth, higher-cost market.

2. Platform monogamy

The trend of advisers using multiple platforms is fading, driven by economic pressures, regulatory shifts (like Tranche II of DBFO), and the need for greater operational efficiency. In 2024, the number of firms preferring to use just one platform doubled to 12%, reflecting a growing demand for integrated advice ecosystems where data flows freely and tools come pre-integrated. Platforms offering end-to-end solutions covering advice delivery, practice management, and client engagement, are positioned to win big.

Action for advisers: Choose and commit to the right platform partner

Advisers should proactively align with a platform that offers long-term strategic fit, not just short-term functionality. The right choice can deliver operational leverage, compliance confidence, and improved client outcomes.

3. Industry superannuation forced to bring tech, advice and operations inhouse

Industry super funds are shifting from dabbling in tech to insourcing key services, driven by regulatory pressure for trustees to remain accountable for member outcomes. As funds face mounting demands to modernise tech infrastructure and member services (including advice), trustees must confront whether they’re equipped to invest in the tech their members and regulators expect. Digital advice innovation may need to be deprioritised so funds can focus on addressing more fundamental operational and technology issues.

Action for advisers: Position yourself as a specialist

Advisers should pivot away from dependence on industry super fund distribution or referral pathways and instead strengthen advice models that complement (rather than compete with) insourced fund strategies.

4. Private equity ownership reshapes advice tech

The wealth management private equity (PE) playbook is evolving from acquisition-focused growth to integration, corporatisation, and cost-control. With topline growth limited in professional services, PE firms are investing in scalable, efficient advice infrastructure and seeking proprietary capabilities through strategic tech partnerships. The tech companies that align with PE-backed advice groups will thrive, while others may be left competing for the long tail of the market.

Action for advisers: Align with scalable tech that supports growth

Advisers need to be strategic about the infrastructure they choose. The market is tilting toward integrated, enterprise-grade systems that support efficiency, compliance, and valuation uplift.

5. Gap widens for independent financial adviser (IFA) tech needs and services

The relationship between IFAs and their tech providers is at a breaking point, with only 23% of firms satisfied with their primary tech partner. Despite tech being ranked as the second-most critical business issue after talent, many firms remain stuck in outdated delivery models. As costs rise and innovation stagnates, the pressure may push advisers to seek new tech partners, potentially opening the door for platforms and managed account providers to disrupt the space.

Action for advisers: Take control of your tech future through strategic reviews

Advisers must continuously reevaluate existing tech partnerships and seek out next-gen providers that align with evolving needs around efficiency, client experience, and growth.

6. Business opportunity of the year - AI services

The biggest AI opportunity in 2025 lies not in creating new tools but in overcoming implementation and integration challenges. Finura estimates that an average advice practice currently spends $100K on software, but as firms grow and increasingly adopt a Service-as-Software model - where back-office outsourcing is delivered via software - they could be willing to invest $250K in AI services. Finura sees this shift as the prime growth area for its consulting division over the next five years.

Action for advisers: Invest in AI integration, not just AI tools

Advisers should treat AI as a strategic enabler, not just another software line item. Firms that strategically adopt AI to streamline operations, automate admin, and scale client engagement will unlock significant efficiency gains and margin improvement.

7. Marketing technology of the year - podcasts & YouTube

By 2025, podcasts and YouTube will become the leading channels for adviser marketing and client education. This success is driven by audience behavior, with Australians spending 22 hours per month on YouTube and over 40% listening to multiple podcasts weekly, including a 49% growth in listeners over 60. Advice firms aiming for strong digital growth will increasingly invest in content creation and lead management technologies.

Action for advisers: Build scalable content marketing with podcasts and YouTube

Podcasts and YouTube should be core components of advisers’ digital marketing strategy. The firms that win attention and trust will be those who educate consistently, connect authentically, and convert strategically through content.

8. Business technology of the year - agentic AI

The most transformative technology in 2025 will be AI agents acting as virtual team members. Companies like Salesforce are developing AI that handles routine tasks, with their "Agent Force 2.0" resolving 83% of customer queries without human help. The real breakthrough is in "augmented advice workflows," where AI works alongside human experts to continuously improve operations. Key AI use cases include commissions processing, platform transactions, cash and portfolio reconciliation, and SMSF administration.

Action for advisers: Integrate AI agents into back-office workflows

There is prudence in embracing AI agents as operational teammates. By using agentic AI to handle routine workflows, advice firms can dramatically increase back-office capacity, reduce errors, and improve responsiveness.

Finura Group’s Peter Worn (Managing Director) and Danni Le Grande (Head of IFA Consulting) will be discussing the 2025 predictions and whether they hold up at Iress’ WealthTech Summit on 6 August. Are you an Iress client or partner? Secure your spot at the event by registering here.

From trading desks to compliance engines, financial firms are awash in dashboards and analytics. Yet turning those insights into strategic action remains a challenge. It’s often said that most organisations are drowning in data but starving for clarity.

The issue isn't about having more data; it’s about making sure that firms have a clear problem to solve, they can identify the relevant data, use it, and learn from it in real time.

And the data evolution extends beyond just presenting compelling narratives and visualisations, the next step is moving towards initiating and managing a sequence of actions autonomously. The rise of agentic AI is making this much faster to implement. It’s early days yet, but agentic AI delivers a system able to make decisions, and achieve complex goals with limited human supervision. A Moody’s report says financial sector firms are beginning to use agentic AI to monitor markets and detect correlations in real time, rebalance portfolios, continuously assess credit risk and automate compliance workflows.

The most underestimated risk firms face is the opportunity cost of poor data management. While regulatory fines and operational hiccups grab headlines, the real loss is in the insights never uncovered, the strategies never tested, and the alpha never captured.

Here’s what that looks like in practice:

• Missed revenue opportunities
  Firms sitting on vast datasets but lacking the tools or talent to analyse them are essentially leaving money on the table. Valuable patterns in client behaviour, market inefficiencies, or risk signals go unnoticed.
• Regulatory exposure
  Inadequate data governance increases the risk of compliance failures, leading not only to multimillion-dollar fines but also to reputational damage, license restrictions, and heightened scrutiny from regulators.
• Slower innovation
  Without clean, accessible data, it’s harder to experiment with new models, test hypotheses, or pivot strategies quickly. That agility is a competitive edge in fast-moving markets.
• Wasted resources
  A 2025 study[i] found that poor data quality costs large Australian firms an average of $493,000 per year in inefficiencies and missed opportunities. Globally, Gartner estimates the average cost of bad data at $12.9 million[ii] annually per organisation.
• Undervalued intellectual capital
  Data is a strategic asset, but only if it is used properly. When firms fail to harness it, they are not just wasting storage; they are underutilising the knowledge and creativity potential of their teams.

Four key barriers consistently prevent organisational progress

1. First, siloed systems fracture visibility. Firms might collect vast amounts of data, but fragmented platforms and inconsistent quality mean decision-makers rarely get the whole picture in real-time.
2. Second, there’s often a missing link between data teams and business leaders who sometimes fail to see each other’s perspectives.
3. Third, distinguishing between gaining data insights and applying them for strategic action is not always straightforward. Take, for example, Iress’s new Data Insights product. The Regulatory Reporting module enables firms to receive proactive alerts about suspicious activities, giving compliance officers clear guardrails while allowing them to make the final judgment. In this way, the insight itself is valuable, but the true impact comes from the subsequent action, where feedback from those decisions helps refine and improve the system’s automation over time.
4. And finally, firms often underestimate the cultural transformation required. Being data-informed isn’t just about tools; it is a mindset shift that demands buy-in, process change, and continuous iteration.

What success looks like

Successful organisations align four critical capabilities:

1. Building cross-functional teams: People with hybrid technical and business skills who can interpret data models in terms of business levers and risk strategies. Cross-functional teams can drive momentum, but where possible, firms benefit from hiring individuals who embody both technical and commercial fluency. These ‘bilinguals’ are the fast-track to clarity.
2. Driving business accuracy with reliable data platforms: Platform integrity that delivers clean, complete, and consistent data, which reflects the right customers, products, and timeframes.
3. Integrated workflows for smarter business decisions: Integrated workflows that embed insights where decisions are made - CRMs, OMS platforms, executive dashboards.
4. Embedding a data governance framework: Robust data governance ensures that insights are trustworthy, secure and responsibly managed. Firms that embed governance into platform design can mitigate risk, preserve decision integrity and scale automation more confidently.

And most important of all, good data platforms use a continuous feedback loop. Without structured evaluation, even good decisions become guesswork. But with it, data strategy is constantly refined.

Take the example of an Australian firm that was looking to improve customer retention. Instead of launching a broad data churn model, the team zeroed in on a single friction point in the customer journey. Working backwards, they identified the data they needed, embedded insight into the adviser workflow, and tested a new action path. It worked. Retention improved and the process was repeatable.

And crucially, it started small. Remember that strategic capability isn’t ‘launched’. It’s built, tested, and expanded.

Beginning (or accelerating) the journey

Few firms start from zero. But maturity varies. For those still in transition, remember to:

• Start with one real problem.
• Map the decision-makers involved.
• Define what success looks like.

Firms that get it right don’t just analyse data; they build entire ecosystems around it using quantitative modelling, machine learning and AI, backtesting and simulation, risk management models, and a host of other tools.

These strategies aren’t just about crunching numbers; they’re about building a dynamic, adaptive system that learns and evolves with the market.

Which leads to one final truth: turning data into impact is a transformation, not a project. It’s iterative. It’s cultural. And done well, it never stops.

ASX Service Release 15 (SR15) represents a significant milestone for the market, delivering a program of market structure upgrades designed to enhance the efficiency and resilience of the Australian market while aligning with international standards.

Why these changes matter

Today’s market environment demands speed, reliability, and the ability to adapt to changing regulations. Exchanges seeking to remain competitive need infrastructure that not only delivers low-latency and efficient trade execution but also stability and compliance under ever-evolving market pressures. SR15 responds to these requirements by enhancing the ASX’s trading systems through streamlining processes and strengthening the resilience of the Australian market.

Key updates introduced by SR15

A central element of SR15 is the shift to a unified Opening Single Price Auction (OSPA), replacing the staggered opening auction that divided securities into groups opening sequentially. The OSPA introduces a randomised 15-second window starting at 09:59:00, followed by a 30 to 60-second window for auction execution. This reduces fragmentation, enhances price discovery and aligns the ASX with major global exchanges like the NYSE, LSE and NASDAQ.

SR15 also introduces a new 10-minute post-close session that allows lit-order trading at the official closing price. This mirrors practices on other global exchanges and increases post-close liquidity, offering investors greater flexibility for end-of-day trading and rebalancing. Additionally, securities with late-breaking announcements can now participate in the closing auction, ensuring material information is reflected in the closing price and supporting fairer price formation.

Industry collaboration to ensure a smooth transition

An upgrade of this scale requires coordinated industry-wide readiness. Since the announcement of SR15 in 2024, Iress has worked closely with clients, brokers, custodians, and the broader industry to ensure all participants were prepared. This included detailed migration planning, rigorous testing and software updates to minimise disruption and maintain operational integrity.

On the first day of SR15’s operation, the ASX operated smoothly, demonstrating market confidence in the transition. Orders and trades processed via Iress maintained high-performance standards, ensuring operational workflows remained uninterrupted.

Looking ahead

SR15 positions the ASX to remain a modern, competitive, and investor-friendly exchange while supporting the evolving needs of the Australian financial market. For market participants, the upgrade offers an opportunity to review processes, reduce operational risk, and enhance their ability to engage confidently with the market.

At Iress, we are committed to supporting clients through these changes, ensuring systems and workflows are optimised for performance in the new environment. As global markets continue to evolve, staying prepared and connected will be key to unlocking opportunities and maintaining a competitive edge.

In today’s fast-moving mortgage market, innovation isn’t just a buzzword, it’s an opportunity. For mortgage brokers working in the New Build sector, it’s time to start seeing lender innovation not just as a product feature, but as a strategic tool for growth, visibility, and long-term client value.

Yes, your core focus is helping clients secure the best mortgage for their dream home. But the process doesn’t stop at rates and getting quick approvals. What if certain products, especially innovative ones, could generate more leads, support your developer relationships, and ultimately grow your business, even if customers don’t end up taking them?

We’ve seen lenders step up with offerings designed specifically for New Build buyers. Whether it’s extended offer periods, higher LTVs, or flexible income criteria, these products are aimed at solving real hurdles that stall deals and stifle demand. But too often innovative solutions are overlooked because brokers assume clients won’t opt for them or they won’t work. Here’s the thing; it doesn’t matter if every client says yes. What matters is using lender offerings to start more conversations

When you promote innovative products, especially those that are available on New Builds, you demonstrate that you’re ahead of the curve. That alone builds trust with potential buyers. It shows you’re proactive, connected and thinking beyond just the basic mortgage options. When customers are overwhelmed by the home buying process, a broker who brings new ideas to the table stands out.

Even better, these product features can be marketing gold for your developer partners. Imagine including no deposit or no repayments due for the first 3 months in marketing materials or discussing unique mortgage benefits during sales meetings and events. What about using some of your broad knowledge to stand out when prospecting new developers you want to work with? It’s a way to turn financial products into a sales advantage, and that’s the kind of collaboration developers need.

So, start thinking differently about lender innovation. Don’t treat new product features as just another line in the lender matrix. Treat them as a reason to send that email, post that video or reconnect with your developer contacts. Use them as a hook to drive enquiries and spark interest.

Change isn’t coming... it’s already here. The brokers who spot the angles others miss may just be the ones completing more applications.

Ready to dive deeper? Our BDM team is here to help you explore how lender innovation can support your clients and help you stand out in the New Build space, get in touch today - https://www.skipton-intermediaries.co.uk/help-and-support/contact-us?utm_source=iress&utm_medium=iress_blog&utm_campaign=newbuild_2025

From AI integration and enhanced data access to significant time savings, PlannerPal CEO Mark Whitcroft talks about the Iress and PlannerPal partnership that's revolutionising financial advice in the UK.

Q: Mark, congratulations on becoming the first official member of the new Iress Partnership. Why did PlannerPal make this move?

Mark: Thank you - we’re genuinely excited about what this enables, because it isn't just about integration; it’s about co-creating a smarter advice experience.

PlannerPal has always focused on saving advisers time, but this step takes us further: embedding AI deeply into the advice workflow. It’s about joining forces with Iress to align on the roadmap, user experience, and the data foundation that underpins great advice.

Q: What new capabilities does the partnership unlock?

Mark: With enhanced access to over 1,000 data fields across Xplan (10x more than most third-party tools can reach), we’re now able to drive comprehensive fact-finds, richer CRM automation, and instantly pre-filled reports, all powered by real-time data sync.

But this partnership is more than just deeper API access - it’s a truly joined-up approach between our teams. PlannerPal is working directly with Iress Product, Engineering, and Support teams to co-develop features, align on roadmap priorities, and deliver solutions to the problems advisers care about most.

That collaboration means faster feature delivery, tighter quality control, and a feedback loop driven by real user needs. We’re embedded in Iress user groups and advisory forums, so everything we build is guided by live adviser input - not assumptions.

Firms are telling us they’re saving 30–60 minutes per client by automating meeting notes, writing reports faster, and syncing updates directly to Xplan.

Mark Whitcroft - Founder & CEO PlannerPal

As a result, PlannerPal can now suggest CRM field updates, auto-save generated documents to the Xplan client file, and enrich reports and meeting notes using Xplan and other client data - all auditable, adviser-controlled, and fully compliant.

This isn’t AI bolted on - it’s embedded at the core of the adviser’s daily workflow.

Q: What’s been the feedback from firms using PlannerPal with Xplan so far?

Mark: The reaction has been incredibly positive. Firms are telling us they’re saving 30–60 minutes per client by automating meeting notes, writing reports faster, and syncing updates directly to Xplan their CRM. That’s not just saved time - it’s better compliance, higher data quality, and more consistent client service.

Q: What’s next for the Partnership?

Mark: We’re working closely with Iress Product and Engineering teams, and - importantly - with mutual clients to shape the roadmap together. This co-innovation model is what makes the Iress partnership different. We’re not just integrating tools; we’re building the future of advice, together.

Expect continued improvements to data quality dashboards, more AI-powered insights from adviser-client conversations, and deeper automation across the advice lifecycle.

Q: What would you say to firms considering trying PlannerPal?

Mark: Now’s the time. The free trial gives full access to our customisable meeting notes, report writer, and CRM updater. Setup takes under five minutes, and we support you every step of the way.

If you’re using Xplan, this isn’t just about AI productivity gains - it’s about aligning your data strategy and your AI strategy. If those aren’t working together, you’re just creating another disconnected data lake. With PlannerPal, every interaction makes your data better, your advice faster, and your client outcomes stronger.

Ready to try PlannerPal?

Visit plannerpal.co.uk/sign-up or speak to your Iress Account Manager.

Iress’ WealthTech Summit has its inaugural event in Melbourne on 6 August, bringing together leaders in financial advice, technology, and innovation for a one-day, CPD-accredited event.

This year’s program is designed to offer the advice industry valuable insight into the key trends shaping the advice landscape, alongside practical tools and ideas to help advisers evolve their business models and client experience.

What to expect from the agenda

Opening keynote: Unlocking GenAI in financial services

Kick off your day with Inventium’s GenAI expert, Neo Aplin, who’ll deliver a dynamic keynote on Generative AI in financial services. This isn't just a talk; it's a deep dive into real-world GenAI applications, offering hands-on experience with cutting-edge AI tools. We'll also tackle the emerging ethical landscape and its profound implications for the future of financial advice.

Adviser insights panel: Unpacking adviser excellence

Iress’ Kerry Ong hosts advisers Adele Martin and Luke Watson, alongside Vista Financial's Jason Chew as they pull back the curtain on best-practice advice strategies. Get firsthand insights into how they've mastered service models, technology, and client engagement within their own firms.

The future of advice: Deloitte and McCrindle deep dive

Prepare for critical insights from Deloitte Partner John O’Mahony and social researcher and futurist, Mark McCrindle. Deloitte's John O’Mahony will be revealing fresh analysis on the state of financial capability in Australia, and exploring the barriers preventing progress and the benefits of getting it right. Following him, Mark McCrindle unpacks Australia's shifting demographics, showing how they'll redefine advice delivery and client engagement.

Live podcast: The WealthTech Insider

Join Finura Group’s Peter Worn (Managing Director) and Danni Le Grande (Head of IFA Consulting) for a live recording of the WealthTech Insider. Get a real-time, unfiltered perspective on the key trends shaping the advice landscape, featuring expert commentary and candid discussion.

The Cyber imperative: Protecting clients in an AI world

Finura Group’s Peter Worn leads a crucial discussion with cyber leaders from Iress, leading tech consultancy Software@Scale and cyber security experts, The Cyber Collective. This panel will confront the escalating risk of AI-powered threats and underscore why cybersecurity is paramount to client trust and engagement.

Tech-driven advice: A vision for the future

A power-packed panel with senior leaders from Iress, Hub24, Morningstar, and AWS. They'll unpack how cutting-edge technology is revolutionising advice delivery, covering everything from automation and digital client experience to AI-powered insights and scalable personalisation.

Closing keynote game-changer: Dr Amantha Imber on “Survivor Innovation”

Wrap up your day with Dr Amantha Imber, organisational psychologist and Inventium Founder. Her keynote, "Survivor Innovation", will reveal how wealth management businesses can ignite creativity, boost adaptability, and build resilience to stay relevant and thrive in today’s rapidly shifting landscape.

• If you’d like to attend the Iress WealthTech Summit, please reach out to your relationship manager or the Iress support team today to secure your spot - or send us a message.

It's one of the most important interactions between an adviser and a client, forming the foundation for almost every future conversation and decision. The overall ease (or complexity) of the fact find experience also creates a lasting impression, so it's crucial to get it right.

So, what if there was a better way to do fact-finding? Well, now there is...

Easy does it

We’ve reimagined the entire look and experience of the fact find. As well as a fresh, modern interface, the data capture process is now even more intuitive. For example, you can now reveal and collapse each section of the fact find and even edit table data inline. You’ll love the ease and simplicity.

Less is more

Get ready for a cleaner, leaner fact find. We’ve worked closely with users to identify the data that's essential to capture at the initial fact find stage. The result? A faster, more streamlined journey that captures the appropriate level of detail. Need to add extra information later? No problem. You can do that easily in the Key / Financial Details sections.

Done in one

The enhanced fact find experience is designed with you and your clients in mind. The updated experience is simple enough to use in front of your clients as you run through the fact find process together. No more jotting down notes to input later - get it done in one.

What's next?

These enhancements pave the way for some exciting AI developments ahead. Imagine being able to review a list of suggested changes to the fact find, based on an earlier client conversation. The decision on whether to update the data rests with you and your team, but AI does the heavy lifting. We're currently working on making this a reality.

Innovation drives progress, yet many capital markets firms find themselves stuck in old habits, hesitant to embrace new technology—even with the promise of greater efficiency, security, and resilience.

Why? It’s often a complex mix of cultural, technological, and operational concerns.

Yet, holding onto outdated practices is considered one of the most significant barriers to innovation, according to a report by Iress and Waters Technology, 5 Key Drivers Shaping the Future of Trading, based on insights from 38 global capital markets firms.

The overwhelming majority of firms surveyed believe a failure to implement the latest solutions inhibits progress.

The problem is that firms often find themselves caught between the need for innovation and the fear of disruption.

Trading firms thrive on stability with workflows built around familiar systems, processes, and software. So, even when outdated infrastructure slows them down, many still prefer to stick with the devil they know.

• “I don’t want to relearn everything” – Firms are comfortable with their current workflow. The idea of relearning processes, shortcuts, and navigation often feels like more trouble than it’s worth.
• “What if this upgrade causes problems?” – Previous system changes haven’t always gone smoothly. If an update has ever caused a major headache, scepticism is natural.
• “I know this old system has issues, but at least I can work around them” – With legacy systems, employees learn hacks and workarounds to make things function. A new system could break their workflow entirely.
• “Short-term efficiency matters more than long-term improvements” – Many firms focus on getting their job done today rather than thinking about long-term benefits of new solutions and upgrades.

While these fears are understandable, there’s a cost of standing still.

History is littered with examples of firms that failed to adapt and suffered the consequences. Industry giants like Kodak, Nokia, Sony, and Blackberry once dominated their markets but failed to anticipate and implement technological advancements.

In financial markets, firms that delay new solutions risk hindering growth by blunting competitiveness, threatening operational efficiency and introducing compliance risks.

Breaking the cycle

Change is inevitable, but for many trading firms, uncertainty holds them back. The fear of disruption, potential downtime, and unfamiliar workflows often outweigh the long-term benefits of modernisation. Yet, resisting change can be just as risky.

The solution? A smarter, more strategic approach to transition.

A gradual approach

Instead of overhauling entire systems overnight, firms can gradually integrate new technologies within familiar frameworks. This reduces the risk of operational disruptions while allowing employees to adjust at a manageable pace. For example, the rollout of the new Iress buy-side EMS (execution management system) leverages existing technology like the Iress Pro terminal while incorporating cloud-based enhancements. This allows firms to modernise and benefit from cloud-based enhancements that improve speed, security and resilience without disrupting current workflows.

Continuous testing and feedback

Another effective strategy is beta testing and continuous feedback loops. Smaller, more nimble firms often take advantage of beta versions of new platforms, providing valuable insights that shape product development. Larger institutions, while burdened with more complex and lumbering legacy systems, can adopt a similar mindset, introducing phased rollouts to allow teams to test updates before full-scale implementation.

A focus on flexibility

Cloud technology is also redefining flexibility, making upgrades more seamless. Traditional software installation often comes with logistical burdens – failed installers, compatibility issues and time-consuming patches. SaaS (software as a service) models eliminate these hurdles, offering instant updates, tighter security, and better resilience against market disruptions. The latest advancements from Iress, including self-healing applications, ensure that mission-critical systems remain available, reducing the risk of downtime.

One of the most potentially damaging threats of outdated infrastructure is the risk to valuable trading and customer data. Many firms spend more time reconciling fragmented datasets than analysing real-time insights. Our cloud-enabled data hubs solve this problem by ensuring seamless data-sharing across trading, risk, and compliance teams. By integrating systems, firms unlock real-time insights into liquidity, risk management, and smarter decision-making. Cloud platforms extract deeper value from data, consolidating fragmented datasets into a competitive advantage rather than a logistical headache.

The future of financial innovation

The markets are evolving at an unprecedented pace, becoming faster, more complex and more interconnected. Trends like the availability of trading 24 hours a day, the move to T+1 settlement and increasing regulatory scrutiny all demand greater responsiveness.

To remain competitive, firms must transition from rigid, monolithic systems to interoperable, cloud-native platforms that enable agility and innovation.

Future-proofing strategies include:

• Real-time data access – Providing firms with clean, structured data to optimise AI-driven decision-making.
• Open APIs & third-party integrations – using frameworks like FDC3 (Financial Desktop Connectivity and Collaboration Consortium) for seamless system interoperability.
• Zero-install infrastructure – Reducing friction by eliminating traditional installation requirements and shifting to browser-based applications.
• Interoperable desktops - Connecting proprietary and third-party tools, allowing traders to build workflows around how they actually operate.

At its core, innovation is about adaptation. Firms that embrace change will find themselves positioned for success, while those that hesitate risk falling behind. The choice is clear: evolve, modernise, and innovate—or be left in the past.

As the industry prepares for the implementation of ASX Service Release 15 (SR15), Iress wants to provide an update on our progress and how we’re working to ensure every client is supported and production ready.

While the ASX recently communicated a delay in the timing of its implementation, Iress has continued to work collaboratively across the industry to ensure our clients are ready. We recognise that industry-wide changes like SR15 come with significant operational demands. For many of you, it has meant shifting internal resources, adjusting timelines, and responding to evolving requirements with speed and resilience. We’re grateful for the commitment and collaboration shown by our clients, the ASX, ASIC and many others across the market to get to this point.

A shared milestone: SR15 readiness

As of mid-April, all Iress clients are in production on the SR15-compliant version of IOS+ trading:

• 100% of our clients are in production and actively trading on the upgraded platform.
• All of SIAA’s Principal Members, who are our clients, are currently trading on SR15 in production.
• 93% of those clients participated in Industry Wide Test 1(IWT1).

This level of enablement and engagement reflects a shared commitment to industry readiness and provides a strong foundation as we move towards go-live.

Change management: supporting your readiness, every step of the way

Preparing for SR15 has involved more than technical readiness—it has required careful project management, coordinated migration work, and close collaboration across the industry to ensure systems are ready and operational within the timeline.

To support you through this, we’ve maintained regular communications to provide timely updates, delivered targeted training sessions to build operational confidence, and established a dedicated Client Readiness team to assist with the practicalities of migration and integration.

We’ve also worked closely with participants to align on key requirements, helping ensure a consistent and coordinated approach to SR15 implementation across the market.

As we enter the final phases, our team remains available to provide additional support as needed. If you require guidance or assistance to finalise your transition, we encourage you to reach out to your relationship manager.

Building for better market open performance

As part of preparing for SR15, we’ve undertaken a detailed performance review of how IOS Classic behaves under peak conditions—specifically through detailed analysis of the existing closing auction and modelling the five staggered opens into a Simulated Single Open (SSO).

This analysis highlighted that traffic surges during the five staggered opens and closing auctions, driven by certain order and trading activities, were contributing to processing pressure and creating risk for clients.

In response, we’ve developed a daily tracking of client SSO, to ensure all processing can be completed well within the minimum Opening Single Price Auction (OSPA) window of 30 seconds. The goal is to assure a more orderly, predictable start to the trading day—reducing latency, improving throughput, and minimising risk across the board.

This work has involved:

• Granular data analysis to identify specific traffic contributors
• Modelling and testing to determine optimal flow rates
• Collaborative work with clients to remove unnecessary messaging.

Ongoing collaboration on message hygiene

Our work doesn’t stop at the infrastructure level. We continue to partner with clients to address message flows that contribute to unnecessary load, with a focus on the implications of the new Single Open and shortened Closing Auction.

Where appropriate, we’ve helped to “un-bridge” certain flows—reducing traffic without affecting business or trading outcomes. These changes have already resulted in improved performance for many participants and will continue to benefit the broader market as we head toward go-live.

These changes are ensuring:

• Stable, predictable system performance at market open
• Reduced latency and lower operational risk
• A smoother experience for your teams and your clients
• Alignment with the broader SR15 go-live schedule and obligations.

Looking ahead

SR15 is a significant milestone for our market. It represents not only a platform upgrade, but an opportunity to set a new benchmark for how systems respond under peak load. We’re here to support you every step of the way.

The investments made—both by Iress and our clients—will help ensure a better experience for participants and clients alike. We acknowledge the path hasn’t been without its challenges, and we thank you for your continued collaboration and support.

This article was originally published in SIAA Monthly May 2025.

The challenges for first-time buyers in getting onto the property ladder have been well documented with lack of supply, the cost-of-living crisis, high interest rates and difficulties in saving for ever-increasing deposits all playing their part. With the constant commentary in the media of these issues, you’d be forgiven as a first-time buyer if you believed that home ownership feels unattainable.

Unfortunately, a YouGov survey for the Building Societies Association carried out last year backs this up with an increase in the proportion of respondents that want to buy their own home but don’t think they will be able to – from 25% in March 2020 to 32% in March 2024.

With almost 1 in 3 potential borrowers believing that home ownership is out of reach, it’s vital that as an industry we understand whether this is perception or reality.

The Skipton Group Affordability Index

The second iteration of the Skipton Group Affordability Index has just been released and it reveals some stark findings for parts of the UK.

According to it’s data, nearly 90% of potential first-time buyers cannot afford to buy a typical first home in their local area based on their personal financial situation alone (i.e. without the ‘Bank of Family’).

It also found that nearly 40% of potential first-time buyers find are spending more than 45% of their household income on essential housing costs.

So what can be done?

For Skipton Group, our next job is to share these findings with government and policymakers – we are ready to inform and contribute to the wider conversation of the challenges being faced by the factors that are limiting access to the housing market for first-time buyers.

As lenders, it is vital that we continue to innovate - as a father who used Joint Borrower Sole Proprietor (Income Booster) to help his son, it is comforting to see more lenders provide this proposition. As the typical age for a first-time buyer has increased, I think it is safe to assume that the age of a supporting applicant has increased. Therefore, in my opinion more innovation and flexibility is needed in looking at mortgage terms in these scenarios for better affordability.

A buoyant FTB market is vital for all of us working the mortgage market and I am proud that Skipton Building Society was able to help over 20,000 people into their first homes last year. And I look forward this year to continue to work collaboratively with distributors and brokers in tackling the issues and overcoming the hurdles that first-time buyers face.

The latest United Nations World Happiness Report reveals that Finland is the happiest country in the world to live in. They have topped the list for the past eight years. What makes this country with long, cold dark winters such a blissful place to live? Aside from fantastic scenery, plenty of space and relative prosperity, much has been put down to their obsession with saunas. Almost 90% of Finns go at least once a week, meeting friends and family to enjoy this communal experience.

It is these important social connections which are believed to boost happiness in Finland. These visits create natural opportunities to talk, ask for advice, share concerns or just to have a good old moan. People feel part of something larger and know they have someone to turn to if they need help.

People need people. We are social beings. There is no substitute for getting together face to face. In our increasingly digital world, we are beginning to discover that online relationships cannot provide the same benefits as meeting people physically. People aged under 30, the digital generation, are over twice as likely to report feeling lonely often or always than those aged over 70^[1].

Loneliness is on the increase in the UK. The ONS figures show they are on the rise and have not decreased significantly since the pandemic lockdowns^[2]. Long-term sickness levels are also on the rise, with record numbers of people leaving the workforce because of it^[3]. Could the two issues be linked?

Research has long noted the link between social isolation and mental wellbeing. People who have strong social connections have a significant lower risk of depression than those that are lonely and isolated^[4].

A major cause of social isolation is illness or injuries. Being physically confined to the home through a physical or mental condition is a major barrier to keeping up vital relationships with friends and family. When people are ill, they often feel vulnerable and lose confidence, making them more likely to retreat from the world.

Illness can make people feel scared or uncomfortable. It can be difficult to know what to say and easy to convince ourselves that it’s better to stay away and leave someone to recuperate in peace. In a recent survey, we asked people who knew someone who was off work due to a long-term illness or injury what contact they had had with them recently. 31% said that they had had less contact. Men are more likely to have less contact than women, with 35% saying they had seen the person who is ill less. Those aged under 35 are the most likely to lose contact.

Illness strains social connections. It puts barriers up, preventing people from participating in their usual life, be that going to work, meeting friends, walking the dog or doing the school run. The longer you have not done these things, the harder it is to get back into them.

For those who have to rely on statutory sickness pay (SSP), which is only £109.40 a week, or are self-employed, and have no safety net at all, financial constraints can contribute to their isolation. Going out costs money; money that needs to be spent on the essentials like heating, food and accommodation.

Having the financial back-up that income protection provides, which can cover these essential costs, means there is more flexibility in the budget. It can provide the funds that allow someone to get out to meet people, attend support groups and therapy sessions that can help with their recovery. It can break the illness and social isolation cycle and enable that much needed connection to the outside world.

^{[1] Younger Brits report higher levels of loneliness | Campaign to End Loneliness}

^{[2] Community Life Survey 2023/24: Loneliness and support networks - GOV.UK}

^{[3] Sick people leaving workforce at record highs - BBC News}

^{[4] The Mental Health Effects of Social Isolation}

We’re proud to announce the launch of a strategic partnership with CyNam, the Cheltenham-based UK cyber technology and secure technology network.

The partnership brings together our expertise in financial services technology and cyber infrastructure with CyNam’s extensive network within the UK’s cyber ecosystem. We will work with CyNam on a range of initiatives, including:

• Knowledge sharing to tackle cybersecurity threats impacting financial services.
• Mentoring and talent development, with Iress supporting CyberFirst South West and contributing to mentoring programmes to nurture current and future cyber and tech professionals.
• Co-hosting industry events to drive discussions on cybersecurity and emerging technology trends and challenges.

Alistair Morgan, our UK CEO, and Ian McKenna, our global Chief Information Security Officer, were on hand to celebrate our partnership when it was formally announced last week at CyNam’s 10th anniversary celebrations in Cheltenham.

Alistair said: “Our UK headquarters in Cheltenham is home to our global cyber team, so we’re delighted to partner with CyNam to strengthen the link between financial services and cybersecurity and help to develop the next generation of cyber talent.”

Ian added: “The CyNam partnership is a key one for Iress. We are at the cutting-edge of cyber technology utilising artificial intelligence and industry-leading tools and processes, and we see this partnership as an opportunity to engage with the UK’s vibrant cyber ecosystem to help shape the future of secure financial technology.”

Hollie Wakefield, General Manager at CyNam, added: “This partnership with Iress aligns perfectly with our objective to connect our cybersecurity community with emerging technologies. By working together, we can foster a stronger relationship between fintech and cybersecurity while ensuring future tech talent is equipped with the skills needed to meet evolving industry demands.”

Plans are already under discussion for an Iress innovation event in May, and a combined presence at the renowned Cheltenham Science and Literature Festivals in June and October.

Read CyNam's announcement here.

Last year we launched a regular series of updates on our Xplan product roadmap, which is built around key pillars that guide our investment in Xplan’s capabilities. Having listened to what you have told us you need and want from your technology, last quarter we rolled out a number of product updates to help you work more efficiently and effectively.

We’re pleased to share that we were able to deliver 76% of our key roadmap delivery areas in the last quarter, when focused on internal delivery efforts (excluding third party dependencies).

There are some exciting things on the horizon as we build towards the next generation of financial advice. Beyond specific initiatives, here are some key areas we’ve been focusing on:

• Leveraging AI to deliver better outcomes
• Empowering our users through data
• Partnership integrations
• Reimagining modelling & product selection
• Enhancing retirement solutions

Want the full update? You can download the Product Roadmap, or for a deeper dive, watch the webinar recording here. You can also check out some exciting new features below.

Key highlights

Seamless Invoice Payments with CommPay

You told us you wanted an easier and faster way to process invoice payments, so that you can manage your revenue in one, central place.

Now you have it!

Watch the video

Better search and alert features for Xplan release notes

Last quarter we mentioned we were working on how we can make access to Xplan release notes easier.

We're very excited to share that it is now much easier to stay updated with Xplan release notes.

Watch the video

A staggering 2.5 million Australians will retire in the next decade, unlocking $540 million in potential advice fees. With growing government focus on the retirement phase of super and a flood of new market entrants, the pressure is on to deliver smarter, more accessible retirement advice.

Hear from Iress, John O'Mahony from Deloitte, and Dr Joanne Earl from Macquarie University as they unpack the opportunity ahead and the action needed to fill this urgent advice gap.

Watch the webinar

One of the biggest technology outages in history, the 2024 Crowdstrike glitch, lasted for just over an hour but the fallout has been far reaching.

The lessons learned are crucial and serve as a powerful reminder of how tech failures can trigger a cascade of negative outcomes.

The parallels in market data quality and use are striking where the risks of poor quality data flow through analysis, compliance and investment decisions.

Crowdstrike’s faulty software update brought banks, airlines, hospitals, supermarkets, emergency lines and media outlets in at least six countries to a halt. The upload crashed more than eight million computers around the globe and caused losses that some estimate at around US$5 billion.

The cybersecurity firm watched its share price plummet 32 per cent over the next 12 days, wiping out $25 billion of market value. Insurers paid out billions of dollars in claims and a raft of legal action has followed.

It’s a master class in the perils of poor quality control and provides a cautionary tale for data services. After all, reliable, relevant and accurate data is the lifeblood of informed decision-making, risk management and strategic planning.

One 2023 survey of market participants from both buy and sell-side firms across Europe, APAC and North America found data quality was more important than cost. Discussing the top priorities when selecting a market data vendor, 90 per cent agreed that data accuracy and data feed reliability topped their list of must-haves, ahead of the dollars.

It goes without saying that data errors or inconsistencies can lead to significant financial losses, regulatory issues, and a loss of credibility. As the Nobel Prize winning British economist Ronald Coase is reported to have said, “Torture the data, and it will confess to anything”.

Increasing complexity

The problem is that guaranteeing trust and accuracy, which can be trying at any time, is becoming more challenging with increasing data complexity and data sources. Systems also need to keep up with the continuing growth and higher peak volumes in markets.

As companies scale their data services, they often rely on multiple vendors to provide various data feeds and services. Each vendor may have different formats, standards, and protocols for delivering data and at any stage can be going through some level of change.

For example, Iress has more than 180 different vendor sources, many of which are constantly undertaking changes, which leads to frequent rewrites and updates to keep pace with the changes and maintain the same level of services.

The more vendors a company works with, the more complex the data management process is. It’s important to ensure that practices are able to scale efficiently with vendor service growth and ensure that those teams responsible for the onboarding and maintenance of these data services have processes that are repeatable across many different services.

It can also be expensive to manage the relationships and support for a wide range of vendors. There are the costs associated with vendor contracts, data integration, and ongoing support to ensure data quality and consistency.

Securing your data

Achieving high quality data requires an active plan to check sources are verified and that data management procedures evolve with the changing services. Teams responsible for these services must ensure the data is validated and normalised, meets update frequency requirements, complies with the organisation’s governance framework and provides the necessary tooling to adequately support the services. As data processing applications become increasingly sophisticated with machine learning algorithms and more dynamic tooling to import data sets, evolving real-time data observability is critical in managing data quality concerns. It allows teams to identify faults as they occur rather than well after the fact, or even worse, by consumers themselves.

But data quality isn’t just about policies, tools and procedures, it’s about the people.

Ensuring that data operations teams have the right skills and support as your technology stack evolves is critical to support scaling these operations. They need to be familiar with the logic and nuance of the data services they’re importing and really understand the formats and timing used by different vendors.

Training is crucial to encourage all employees to share in protecting, simplifying and managing appropriate access to data with teams empowered to continuously improve the systems powering the data services.

As MIT Sloan’s Miro Kazakoff says: “In a world of more data, the companies with more data-literate people are the ones that are going to win”.

Australia is on the brink of a retirement surge. Over the next decade, the number of Australians leaving the workforce will skyrocket - placing unprecedented pressure on financial advice.

Living longer is good news, but also raises tough questions. How do you fund a retirement that could last 30 years? Given the accelerating demand for advice on pensions, aged care and superannuation, the industry is at a critical turning point. Who will step up to meet this need?

As superannuation funds expand their financial advice capabilities, lines are blurring. Is this a natural evolution - or is financial advice now in direct competition with super funds?

There has been a number of things happening in the background to lead us to this point:

• 1. An increasing demand: The number of Australians entering retirement is set to explode, with age groups 65-85 years and 85+ years predicted to grow 25% and 50% respectively¹.
• 2. A growing advice gap: Over 11.8 million Australians have unmet advice needs² and 80% aren’t getting the education or guidance they need from their super fund³.
• 3. A spotlight from government & regulators: superfunds are under increasing pressure to be transparent about how they’re investing money into better outcomes for members, with increased regulatory demands under the Retirement Income Covenant.
• 4. A financial literacy crisis: Good financial literacy can add $100k over a lifetime. Unfortunately, in Australia financial literacy has gone backwards by as much as 14%.

What does this mean for the industry?

These four elements have created the perfect storm for both financial advice and superannuation. And while some might view a storm with some trepidation, others see it as the chance to ride a swell.

What does this swell look like? At least 486,000 new holistic advice clients⁴ and 4.6 million Australians ‘interested in advice’. With this wave of potential new advice clients coming in at $320-580 per person⁵, the Australian advice market could grow by 64% by 2030.

So: how do super funds and financial advisers seize this opportunity?

Super funds have a great opportunity to provide advice at scale. With the regulatory push to improve financial literacy and access to advice, they are well-positioned to step up. Iress recently launched Digital Advice Solutions to complement comprehensive advice by providing superannuation funds and other industry players with the ability to deliver personalised digital advice and financial education at scale.

Financial advisers should expect to compete with the superannuation industry for this future market growth, or differentiate their value proposition. Advisers can meet this wave of retirement demand by carving out their niche. They must define their ideal customer segments, hone their specialisation, and tailor their offering to stand out.

A secure retirement income

One thing is clear - Australians want more security for their retirement.

According to the TAL and Investment Trends 2023 Retirement Income Report, 65% of non-retirees are unaware of existing retirement income products offered by their super funds. Even among those who are aware of pensions or lifetime income product options, understanding is limited.

We recently surveyed the advice industry on retirement income products, asking whether advisers incorporate lifetime annuities into their clients’ retirement strategies. Respondents who said that they did not use lifetime income products as part of their client’s retirement transition strategy cited inadequate modelling tools and too many procedures as the main barriers existing with the current process. The consensus? The industry needs access to better tools for seamless and efficient modelling to illustrate the impact of including a lifetime income stream.

Super funds are responsible for ensuring stable and sustainable retirement income at the prudential level, but advisers have the ability to help clients make up the difference. At Iress, we are working with the industry to increase awareness and simplify access to retirement income products by fully integrating them throughout the advice journey in Xplan.

Keeping a human touch in a digital age

Addressing these challenges will require scale and efficiency—something that super funds will be able to adopt with the use of digital tools.

At the same time, advisers remain essential; demand for their expertise isn’t going away. The challenge will be balancing the use of digital efficiency with face-to-face engagement that some demographics still prefer.

Striking the balance between technology and the human touch will be key to how advisers differentiate their service from super funds.

No matter how you look at it, the pressure is on the financial services industry to deliver smarter, more accessible retirement advice.

Visit thebigshift.com.au to review the four key choices that advisers have to make to maximise competitive differentiation and play to existing strengths, while putting the customer at the centre.

References:

• 1 Australian Government, Intergenerational Report, 2023
• 2 Investment Trends Financial Advice Report 2021
• 3 Investment Trends Member Engagement Report 2020
• 4 Advice 2030: The Big Shift, Deloitte Access Economics
• 5 Investment Trends Financial Advice Report, 2023

Welcome to the Spring edition of Industry Voice

This new edition of Industry Voice is all about next-gen mortgages as we look at how mortgage products and technology are evolving to suit the needs of a changing mortgage buyer demographic.

As always, leading experts from the lending community share their viewpoints and ideas on how the industry can drive better outcomes for consumers.

We hope you enjoy this issue.

If you'd like to read previous editions, visit the Industry Voice homepage.

Watch the video

Ash Borland and Louise Sarsby discuss the challenges for first-time and next-time buyers in a special interview to accompany the latest issue of Industry Voice.

Become a contributor

Industry Voice provides high quality thought leadership, analysis and commentary on the key trends and themes impacting the UK’s mortgage, protection and financial advice industry.

Each edition is produced and distributed by Iress and promoted across our digital and social media channels to a UK-wide audience of mortgage and insurance brokers, financial advisers and wealth managers.

For advertising, sponsorship and editorial enquiries, please contact:

Neal Ray
Advertising & sponsorship manager
Call: +44 (0)7816 536 166
Email: neal.ray@iress.com