Welcome to the Mclowd Practitioner Update.
Introduction – Improved Support for Corporate Actions
Based on your feedback Mclowd has now made significant improvements to the manner in which asset valuations are managed, including updates to the revaluation and asset screens.
The primary outcome from this project has been to provide all users with the ability to maintain a better historical record of valuations. Of particular importance, cost bases can now be updated to reflect the impact of corporate actions.
In addition the asset architecture for managed funds has been upgraded to match that of direct equities, representing a material improvement in terms of usability.
Speaking of this release, Practitioner Frank Genovesi had this to say:
“Addressing these gaps in functionality means that Mclowd now provides a realistic alternative for more funds and hence more Practitioners, however at a significant discount to incumbent solutions.
I have been using Mclowd exclusively for some five years, and would encourage other SMSF professionals to give the platform due consideration.”
We have scheduled a Training Webinar for 12:30pm AEST Wednesday September 8th, during which Team Member Mike Corrigan will take users through the new functionality.
Based on your feedback we have also published dozens of new video tutorials, spanning fund set up through to year end processing, as well online lodgement.
We now have a number of firms managing 50-70 funds on Mclowd, which is an accurate reflection of where the platform is today.
To encourage participation from these and other similar firms we will be offering volume-based pricing where more than 100 funds are involved.
Further details will be provided in the next Practitioner Update.
(We also have numerous firms which are running suitable funds on Mclowd, while leaving others on incumbent platforms. We encourage this approach wherever applicable, as it generates cost savings for users while avoiding friction in their day-to-day operations).
Delivering a methodology for managing the impact of corporate actions represents an inflexion point in the evolution of Mclowd, and will underpin:
- Improved support for Practitioner users
- A reduction in ticketing activity (a significant proportion of FY21 support requests arose from the issues that have now been resolved by this release)
- As such ongoing growth of the Community
But with the following added advantages:
- A price point that is 55-80% lower than the main incumbent vendors
- No requirement as to minimum spend
Mclowd Group Pty Ltd