XPLAN by Iress has been the backbone of Australian financial planning for over 20 years. It’s comprehensive, deeply integrated, and used by the majority of advice practices. FinChat takes a fundamentally different approach — voice-first, built for the live client meeting, and designed to compress a process that traditionally takes weeks into a single session. Here’s an honest look at how they compare and when each makes sense.
The core difference
XPLAN is a back-office platform. It’s where paraplanners build financial plans, advisers manage client data, and practices run their compliance workflows. It’s keyboard-driven, screen-intensive, and designed to be used away from the client — before or after the meeting.
FinChat is a front-office tool. It’s used during the client meeting, with the client watching. The adviser speaks scenarios aloud, FinChat runs projections and generates charts in real time, and the client sees the impact of every decision as it’s being discussed. It’s voice-driven, runs on a $69 Fire TV Stick or Echo Show, and produces a Statement of Advice in the same session.
They solve different problems. XPLAN manages the advice practice. FinChat transforms the client meeting.
Feature comparison
| Feature | FinChat | XPLAN |
|---|---|---|
| Primary interface | Voice (Alexa) | Keyboard and mouse (web browser) |
| Used when | During the client meeting | Before and after the meeting |
| Used by | Adviser (with client present) | Paraplanner and adviser (without client) |
| Meeting capture and intelligence | Full recording, transcript, AI summary, scope-of-advice extraction, compliance-item identification, and task list — all unified with the advice produced in the meeting. Emailed to adviser as a Word document. | Not built in. Requires a third-party tool (Fathom, Otter, Fireflies, etc.) with separate consent, vendor risk assessment, and manual reconciliation back into XPLAN. |
| Meeting artefact location | Single system — transcript, SoA, tasks, and CRM record live together in one place with a unified audit trail. | Fragmented — transcription in one tool, SoA in XPLAN, tasks in another tool. Adviser or assistant reconciles manually. |
| Annual review workflow | This year’s review starts where last year’s ended. Adviser walks in with the full record already loaded — balance, contributions, retirement age, risk profile. No preparation meeting. No document to re-read. Just “what’s changed?” and test each answer in real time. | Paraplanner pulls last year’s SoA and updated data. Adviser reviews the pack beforehand. Meeting consists of walking the client through prepared scenarios. Post-meeting, paraplanner reconciles any changes and drafts a Record of Advice. |
| Post-SoA readiness | Built for the Client Advice Record era. The record is the scenario log, the transcript is the evidence, and the task list is the action plan — no document-first workflow to rebuild when DBFO Tranche 2A lands. | Document-first architecture. When the SoA is replaced by the Client Advice Record, CAR templates will ship, but the underlying workflow still revolves around producing a document. |
| Hardware required | Fire TV Stick ($69) or Echo Show | Desktop/laptop computer |
| Retirement projections | Yes — real-time dual projection with instant charts | Yes — Xtools+ strategy modelling |
| Risk profiling | Yes — 6-question voice-based Likert assessment | Yes — via Iress Risk Profiler module |
| Statement of Advice | Yes — auto-generated Word document in the meeting | Yes — comprehensive document generation with templates |
| Product comparison | AI-powered super fund comparison (Claude API) | WealthSolver — 890+ product database with ISO-accredited data |
| CRM | Built-in DynamoDB-based contact management | Full CRM with workflow management and pipeline tracking |
| Portfolio management approach | Integrates with platform-native tools (HUB24, Netwealth, BT Panorama, Macquarie Wrap) rather than duplicating them — the platform does portfolio tracking, FinChat handles the adviser-client conversation. | Built-in comprehensive portfolio tracking and rebalancing, with platform feeds into XPLAN’s own database. |
| Client-facing display | Yes — charts and scenarios on the client’s screen | Client portal (separate module) |
| Interactive scenario testing | Yes — voice-driven, instant results | Yes — keyboard-driven, back-office modelling |
| Insurance quoting | Yes — AI-powered mortality-based calculator | Yes — Risk Researcher module ($195/month) |
| Training required | Minimal — natural voice commands | Significant — dedicated courses available (e.g. Monarch Institute) |
| Third-party integrations | AWS ecosystem, Claude API | Extensive — ASX, Morningstar, FundData, SMSF platforms, eApplications |
| Admin/assistant time | Reduced — meeting capture, compliance extraction, and task identification happen automatically during the meeting. | Significant — paraplanner and/or admin assistant typically required to reconcile notes, extract tasks, and draft compliance items post-meeting. |
| Office space required | No — portable devices mean meetings happen at the client’s home, a café, or the adviser’s home office | Typically used from a practice office |
| Future AI capabilities | Claude API integration means new AI features can be added as they become available | AI/ML features flagged as future roadmap |
| Indicative cost | $300/month — runs on $69 hardware, no assistant needed | $300–500+/month per user (modular licensing) plus assistant/paraplanner costs |
Where XPLAN wins
XPLAN is the industry standard for good reason. Its product database covers 890+ super, pension, and investment products with ISO-accredited data feeds from FundData, ASX, and Morningstar. Its portfolio management, compliance workflows, and document generation are battle-tested across thousands of Australian practices. If you need deep product research, complex multi-entity strategies, or enterprise-grade integration with dealer group infrastructure, XPLAN is purpose-built for that.
XPLAN has also been rated Australia’s top financial planning software for more than 12 consecutive years by Investment Trends. That kind of market depth creates a network effect — most paraplanners are trained on it, most dealer groups mandate it, and most integrations are built for it.
Where FinChat wins
FinChat wins in the client meeting — the moment that matters most. Traditional advice workflows send an adviser’s notes to a paraplanner who builds the plan in XPLAN, then sends it back days or weeks later. The client never sees a scenario tested in real time. FinChat eliminates that loop entirely. The adviser speaks a scenario, the client sees the chart update, and the compliance document is generated before they leave the room.
Meeting transcription goes far beyond a simple recording. The AI analyses the entire transcript and automatically identifies the compliance-critical elements — scope of advice, what was recommended, what was discussed, and tasks that need to be completed. In a traditional practice, an adviser either does this manually after the meeting or hires an assistant to do it. FinChat does it automatically, saving hours of admin time per client meeting and reducing the need for support staff.
The hardware footprint is radically different. An adviser can walk into any client’s home with a portable Echo Show or Fire TV Stick in their briefcase, plug in, and deliver a full planning session. No laptop, no software licence per seat, no VPN back to the office. This opens up a way of working that XPLAN can’t match — an adviser can run their entire practice from home, meeting clients at their kitchen table, and eliminate the cost of renting office space entirely. At $300/month for FinChat versus thousands per month in office rent plus an assistant’s salary, the economics shift dramatically.
FinChat is also built to stay current. Its integration with Claude (Anthropic’s AI) via the Claude API means new AI capabilities can be added as they become available — smarter document analysis, deeper compliance checking, enhanced product research — without rebuilding the platform. The AI layer is modular, not bolted on as an afterthought.
Can they work together?
Yes. FinChat doesn’t replace your practice management system — it replaces the way you conduct client meetings. An adviser could use FinChat for the interactive session and scenario testing, then feed the confirmed values into XPLAN for product research, portfolio management, and ongoing compliance. Think of FinChat as the front end that generates the client conversation, and XPLAN as the back end that manages the practice.
Who should use what
Use XPLAN if you’re a mid-to-large practice with paraplanners, need deep product research across hundreds of funds, manage complex multi-entity portfolios, or your dealer group mandates it. XPLAN is the right tool for the back office.
Use FinChat if you want to transform the client meeting from a fact-finding exercise into an interactive planning session. If you’re a sole practitioner or small firm tired of the weeks-long advice cycle, FinChat compresses it into one session. If you visit clients at home or want to run your practice without renting office space, FinChat fits in your briefcase and the AI handles the admin. At $300/month with no assistant needed, the total cost of running an advice practice drops significantly.
Use both if you want the best of both worlds — FinChat for client-facing engagement, XPLAN for practice management and compliance.
About FinChat
FinChat is built by Steve Manning, a Sydney-based founder with 30+ years in financial services technology. It was a finalist in AI Innovator, Wealth Management at the Australian AI Awards 2024. Steve also built SMFP, Australia’s most comprehensive self-managed financial planning toolkit (40+ calculators, finalist in Innovator of the Year 2025). Watch a demo or get in touch.