”Simple Invest 360 is a ‘game-changer’ in terms of time-saving, cost efficiencies and overall administrative cohesion across both of our core divisions
About Lantana Private Wealth
Lantana Private Wealth is a high functioning, multi-disciplined firm located in Malvern, Melbourne. With both a public practice taxation division operating in cohesion with a fully self-licenced financial planning and wealth management service offering, clients are provided with a genuinely bespoke ‘one stop shop’. With the firm priding itself on maintaining a highly personalised client experience and results-driven advice process, the firm has grown into an award-winning and highly respected professional services group.
The Challenge
Efficiently implementing a software package that could be used for both ATO reporting plus client-facing performance and valuation reports
As the Director of both our taxation and wealth management division, Brett was looking for a software package that could be used for both ATO tax reporting and client-facing performance and valuation reports. Some of the initial challenges included the time in having to set up equities and cash account data feeds, particularly given as he wanted to proceed with a bulk set-up of non-SMSF entity types.
“These concerns were quickly overcome, with BGL always providing me with support from a senior product manager with a rapid response every time, invariably in less than a few hours!”
Brett was also concerned about client take-up considering how time poor many are. He found, however, that with the intuitive self-guided initial setup (including secure MFA), “…the delivery of Simple Invest 360 has been both seamless and critically enjoyed by clients.”
Why Simple Invest 360
A ‘game-changer’ in terms of time-saving, cost efficiencies and overall administrative cohesion across both of our core divisions
“We had previously been using BGL’s software offering for SMSF preparation (Simple Fund 360) and were already well aware of BGL’s abilities in this space. Being able to extend the taxation works for non-SMSF entity types, while simultaneously eliminating the then duplicated client reporting software, was a ‘game-changer’ in terms of time-saving, cost efficiencies and overall administrative cohesion across both of our core divisions.”
The Solution
The speed with which a new entity can be set up plus complete data feed configuration were integral
When looking for a technology stack solution, Brett and the team at Lantana Private Wealth focused on cost; speed of implementation; ease of implementation; reliability; support and overall, both internal and client user experience.
The speed with which a new entity can be set up plus complete data feed configuration were integral to the decision to use Simple Invest 360. “The last thing our office wants to be doing, nor our clients’ spending their time on, is having to fiddle around with clunky back-end processes and then having to test the veracity of these.”
The Results
Ever-desired transparency and assurance across the entire spectrum; more time to provide higher value work for clients
“Clients now have the ability to view their investment entities in fully APESB quality, ‘24/7’ via the web and/or via BGL’s secure mobile application (Engage by BGL). This has further increased clients’ transparency over their investments, particularly by our many HNW clients, understandably demanding higher than ever visibility over their FUM.
The fact that the taxation team, wealth management team and client are working off or viewing the same data file has saved a vast amount of time and cost in managing a secondary system, otherwise required for client reporting purposes. This is especially relevant for our firm as our wealth management division is and always has been off-platform, designed to reduce as many client-costs as possible.”
The fact that both our accounting and wealth management divisions are viewing the same data file, in tandem with clients, promotes ever-desired transparency and assurance across the entire spectrum.
With the efficiencies gained from using Simple Invest 360, Brett and the team now have more time to spend providing higher value work for their clients, without having to manage multiple systems. This includes being able to spend more time speaking with clients face-to-face or virtually, if preferred.
About Brett
After gaining experience at Deloitte and with a series of boutique advisory practices, Brett founded Lantana Private Wealth with a sole focus on individual, family groups and SME client types. Brett holds undergraduate and postgraduate qualifications from Monash University, where he was also a resident lecturer and Scholarly Teaching Fellow for four years. Brett is a registered Financial Adviser, Tax (Financial) Adviser, SMSF & direct securities specialist; and Responsible Manager of the Group’s AFSL. In Brett’s spare time, he enjoys photography, learning different languages and travelling back to Gippsland where he grew up.
