The dealer group first launched the Robotic Dover tool (nicknamed ‘RODO’), which generates risk insurance SOAs, in May 2016.
After receiving “outstanding” feedback, Dover has now released a second iteration of the tool for superannuation advice, called ‘Super-RODO’, according to a statement.
“The tool removes the need for advisers to create ‘free text’ when preparing superannuation SOAs,” the statement said.
“Advisers need simply to input details like a client’s name and contact details, assets and liabilities, and their recommendations. The software then guides the adviser to include all material required for the document to be both user-friendly and legally compliant.”
The tool also streamlines Dover’s internal SOA review process, which reassures advisers that their advice is compliant, said Dover chief executive Terry McMaster.
“Reviewing every SOA reassures our advisers that their advice is demonstrably in their client’s best interests,” he said.
“It is a simple case of ‘a stitch in time’. Because every SOA is certified as compliant before it goes to the client, clients only ever get compliant advice. And we have the low complaint rates to show for it. RODO makes this good thing even better.”
Mr McMaster points out, however, that the tool is not considered robo-advice.
“It is the time taken to prepare the SOA that is robotised, not the advice process,” he said.
“We firmly believe that no algorithm can replace the presence of a thinking, breathing, empathic adviser when it comes to creating advice that is in a client’s best interests. Every SOA still has to be vetted by each of our in-house compliance team and by our independent external solicitors, MLA Lawyers.”
