Just prior to Christmas we released a number of improvements to the Mclowd Marketplace to address weaknesses in the messaging logic, known bugs as well as introducing the ability to post a Private Task, set Milestones and leave Feedback on Contractors.
As such, we are very excited to be able to kick off 2014 with a strong foundation for managing workflow, facilitating communications and streamlining payments.
At the same time we have seen steady growth in the number of Contractors offering professional SMSF services through the Mclowd Marketplace. This trend asserts Mclowd’s potential as a powerful business development tool and we now have nearly 60 sole practitioners and businesses across numerous service lines including accounting, audit, tax, actuarial and financial planning.
In terms of geography, the Marketplace now spans not just Australia but New Zealand, the Philippines and India.
In the coming weeks we will be releasing additional features and functionality designed to both improve the Mclowd offering and strengthen the Community.
Platform / Marketplace Integration
In the first instance we will enable Users of our free SMSF software to access the Marketplace without the need for a separate login. This will open up the Marketplace to the hundreds of Trustees who have started using the accounting Platform but not yet engaged with the Marketplace. (Balancing security and usability has meant the development of sophisticated tools for integrating the user interfaces of these two environments while maintaining separate databases – the security profile of the information in the Platform and Marketplace being fundamentally different).
Ordering Search Results
As the number of suppliers in the Marketplace grows we will be releasing logic which will determine the order in which service providers appear in search results.
This algorithm is a critical element of governance within the Mclowd Community, as it will reinforce high-quality outcomes by funds management professionals.
The logic will be focused on the following criteria:
- Feedback left by Clients at the completion of individual Tasks
- The $ amount earned by the relevant Professional (from completed Tasks and Milestones) over the preceding six months
Importantly, Professionals who do not support the Marketplace revenue model (by failing to operate under the Terms of Service requiring payment through Mclowd) will be effectively prevented from developing a profile within the Community.
Those on the other hand who do support the Mclowd model will find themselves exposed to the fastest growing Community of SMSF Trustees in Australia.
We are now in discussions with various providers and have started to develop the taxonomy for extending the Marketplace to investment and related products.
Relative to the costs associated with wrap platforms, authorised representatives and other channels, we intend to make Mclowd the most cost effective method for accessing not just funds management services, but also financial products such as insurance and investment products.
Mclowd as a Workflow Management Tool
The above discussion reflects the fact that Mclowd is rapidly evolving into a workflow management tool which allows various types of investors / asset owners (self managed super fund Trustees and eventually directors of small-to-medium enterprises, etc) to manage their assets and the related workflow at a fraction of the cost of traditional models.
Thanks for your continued support of our efforts to drive down the cost of investment administration.
Your feedback will continue to drive our development priorities in the future so please get in touch at any time with comments or suggestions.