He said FinClear’s platform fees for managed accounts will be “at a minimum 50 per cent cheaper

Finclear to undercut platforms on excessive fees, AFR Apr 2nd


The recent release of the suspense allocations screen reflects the fact that our product development goals for 2019 are focused exclusively on the needs of the Community’s high volume users. These include: 

  • Simplification of year end processing
  • Upgrades to asset taxonomy (custom assets and property)
  • Further improvements to the new suspense allocations screen
  • Transactions screen upgrade

 These targets will lay the foundation for us to leverage both open banking and artificial intelligence to deliver automation at a fraction of historical cost.

Year End Upgrade

Given we are approaching financial year end, this is the most important of our immediate goals.  This project is in progress and brings together a number of individual targets as follows: 

  • New user interface / workflow
  • New trust distributions table
  • Xero Tax integration
  • Additional reporting (tax accounting reconciliation / statement of taxable incomne)

 A summary of the project can be downloaded here.

GL Accounts

A number of additional income and expense accounts have been released in recent weeks. Details can be downloaded here.

These accounts will power improvements to the Property Expense Report and the handling of GST (both of which will be delivered by 30 June).

Asset Maintenance

We have started the next phase of development on the “Asset maintenance” screens.

The current functionality allows users who have the relevant subscription to view dividend history details of all ASX listed assets as well as view Australian managed fund distribution and asset allocation details from Morningstar.

The next phase of development will initially focus on being able to create custom assets at a Practice level as well as general improvements to the overall asset taxonomy.

Once these features are bedded down, we will be able to turn our attention to the changes required to better support international assets.

Monthly Billing

As per the most recent Practitioner Update, multi-Fund users will be migrated to a monthly in arrears billing model from 1 July ($2.50 pcm for Funds on Pro, $6.00 for Premium).

No action is required from active users, and as part of the migration the unexpired proportion of licence fees paid under the previous model (software or data) will be refunded as of 30 June.

(Users who would like more information are welcome to contact me directly).


There was a time when platform vendors could rely on client interia, network effects or technical innovation to sustain their business models.

However – as per the above AFR article – when per unit price deflation hits 50% (in a single product cycle), those defence mechanisms become meaningless.

These forces of disruption will continue to drive structural change across the global asset management industry, while reducing costs for both professional service providers and their clients.

Mclowd will be at the forefront of this process as it applies to self managed super, and – as the Community grows – potentially beyond those boundaries.

Ashley Porter

Managing Director
Mclowd Pty Ltd