MEDIA RELEASE: Financial advice technology firm Padua Solutions has launched a new robo advice generation tool for financial advisers, to help solve the four key challenges facing them – time taken to produce advice, cost of generating advice, quality of advice, and client engagement (leading to trusted advice).
Padua co-founder Matthew Esler says the new Padua DIY Advice capability enables financial advisers to produce Records of Advice (ROAs) and simple Statements of Advice (SOAs) in minutes.
“We have designed Padua DIY Advice to reduce the amount of time taken to produce key advice documents for clients from hours to minutes, helping advisers significantly cut down turnaround times, lower the overall cost of advice, and improve client engagement.
“Advisers can produce the ROA or SOA, Best Interest Duty (BID) Statement and Product Comparison instantly and can also compare the fees and features across over 1,600 superannuation, pension and investment platforms as well as over 20,000 investment options using the Padua Compare tool.”
The new solutions are part of a roll-out of a range of advice solutions by Padua, with more capabilities to be added in coming months including including intermediate and complex advice strategies, across both SOA and ROA format.
The solutions are initially focused on wealth management but will also be expanded to include insurance, enabling financial advisers to compare risk insurance across both retail and superannuation options.
Padua’s DIY risk capability also includes a new Needs Analysis tool which instantly produces insurance needs based on the client’s demographic.
Padua’s family of solutions – Software, Services & Data – are designed to respond to some of the biggest challenges facing the financial advice industry – namely time, cost, quality and engagement.
“With the number of financial advisers in Australia falling, but the number of Australians seeking advice increasing, advisers are struggling to meet the demand for quality advice at an affordable and accessible price,” Elser says.
“Padua Compare and Padua DIY Advice play a crucial role in helping advisers become more efficient, while at the same time meeting their compliance and best interest duties.
“Our analysis shows that by effectively utilising these tools advisers can save over 80 per cent of the time it takes to generate advice on average. That’s an incredible time-saving – reducing what currently takes 140 business days on average down to 16 business days.
“This frees up a significant proportion of advisers’ time and allows them to focus on what they do best – understanding the needs and objectives of their clients and developing amazing advice that aligns to their requirements,” Esler said.