Financial advisers, as well as government, superannuation funds, and financial institutions, are grappling with the provision of affordable advice to average citizens.
Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services keeps saying the government and consultative groups are working on the problem. But each day the timeline is extended.
When the draft legislation is released all self-interest groups will tie up the process for even longer. Groups working on a revised SOA is one example. In the meantime, the poor consumer and the financial advisers tasked with providing affordable advice are left in limbo, awaiting the final legislation.
Our advanced cashflow modelling based technology, more than a decade in refinement, now enables holistic advice to be processed in minimal time. The software semi-automates developing the Advice Document but still requires the expertise of a Financial Adviser. This in not Robo-advice nor advice developed by AI.
The process involves adviser input, with the software doing most of the work.
- From the client entered Fact Find, the software assesses and reports.
- Lifestyle plans and outcomes are quickly developed and optimised with seamless interactivity of cashflows, financial and time variables, and client preferences.
- The software writes the reports, only requiring personalization by the adviser to give their advice recommendations. The final plan is presented in an easily understood multimedia format via a shared secured portal.
No more time-consuming getting to understand a client, paraplanning, and producing a 100-page SOA.
Glenis Phillips SF FIN
Designer of Financial Mappers and Advice Online