Provisio has released new optimisation software that it claims is capable of reducing SoA modelling from 1-4 hours to 15-30 minutes, with a dramatic reduction in the cost of advice.
The software issued by the Rubik Financial-owned company claims to reduce the costs associated with provided scaled advice, according to a white paper; which was critical of traditional modelling software, claiming it does not “scale down proportionally with the defined scope, leaving advisers forced to do unnecessary hours of work”. The paper criticised traditional modeling software suggesting it meant that extraneous work was evident including answering simple scaled advice questions, and the new software will excel at providing lower-cost scaled advice and enable advisers to obtain and retain clients.
In relation to data the white paper highlighted that, “with no indication of their potential gain, a client may not be willing to pay the fees required to cover the data entry overhead.” Provisio says that, “advisers cannot profitably continue spending one to four hours producing a SoA using modelling software that has been designed for comprehensive advice. They need a solution designed specifically to optimise advice queries…to produce finished SoAs in minutes.”
The white paper and research by Rubik Financial has indicated that scaled advice while only accounting for 25% cent of Australian statements of advice is expected to grow dramatically.