Under the new arrangement, wealth management licensees at Commonwealth Financial Planning, Bankwest Financial Advice and Financial Wisdom will transition to the Xplan financial planning solution.

The software is already in use at Count Financial and CBA’s business and private banking operations, according to a statement from CBA.

In addition, CBA will become the first company to use IRESS’s new scaled advice platform, Xplan Prime.

Executive general manager for advice, Marianne Perkovic, said the objective of the partnership was to deliver a simpler, more cost-effective service to clients.

“This investment in technology will help us secure and enhance the financial wellbeing of our customers by ensuring that all Australians have easy access to quality and affordable financial advice,” she said.

The transition will take approximately two years and bring all CBA advisers onto the same platform, the statement said.

IRESS chief executive Andrew Walsh said Xplan Prime provided an alternative to comprehensive advice services.

“While full service advisory will remain an important part of the landscape, many end clients are seeking specific advice or less-aided simple transactions,” he said.

Xplan and Xplan Prime were fully-integrated systems that allowed advisers mobile access, he said.

“Importantly, these channels are inter-related and must exist across multiple devices, so unifying technology strategies for retail advisory firms are key,” Mr Walsh said.

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