Sydney – GBST, a leading global provider of wealth management administration, adviser, and digital technology solutions, has unveiled significant upgrades to its Salesforce-based WealthConnect product, underscoring GBST’s commitment to delivering cutting-edge solutions to the adviser market.
WealthConnect continues to redefine the client experience throughout the retirement planning and advice lifecycle, with features including advanced strategy modelling with entity tax projections, an enriched onboarding capability, and seamlessly integrated service delivery tracking functionalities.
With the decline in the number of professional advisers, an estimated $55 billion in assets transitioning from accumulation into retirement annually, and an estimated $3.5 trillion in wealth assets expected to be intergenerationally transferred by 2050[i], the evolution of WealthConnect meets a growing demand in the Australian market.
The cloud-based solution now boasts the capability to model interactive superannuation, pension, and self-managed super fund (SMSF) strategies, equipping users with multi-entity scenario modelling. Additionally, it offers increased flexibility in modelling strategic advice for individuals, companies, trusts, and SMSFs.
Jeff Hall, GBST’s Head of APAC, said, “We are 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,” stated Hall.
WealthConnect’s calculation engine supports the creation of cash flow, taxation, and net worth projections. It allows users to create and compare multiple scenarios with integration into the Advice Wizard. This bespoke in-platform functionality improves client and adviser experience, supporting engagement with an easy-to-use and compliant advice process and workflows.
Pierce Wittke, WealthConnect’s Chief Technology Officer, said, “We’ve improved our Onboard, Review, and Advice Wizards, ensuring ease and flexibility for both advisers and end users. This enhanced user experience drives the digital production of client advice documents, recommendation creation, and intuitive business processes.”
The addition of electronic client consent capture further enhances 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.
WealthConnect improves the service delivery experience even further through automated scheduling. In-built automation minimises manual handling, user error, and avoids double keying of data, ensuring smoother and compliant day-to-day operations.
WealthConnect is a digital adviser practice management, CRM, and compliance system. With back-office administration and front-end advice preparation and delivery, WealthConnect streamlines workflows and helps advisers manage client relationships, portfolios, and administrative tasks more efficiently. GBST acquired WealthConnect in May 2023, which formed part of a strategic commitment to enhancing its SaaS product portfolio.
[i] 2021 Productivity Commission Report
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