Padua has launched a new robo-advice generation tool designed to “help solve the four key challenges” facing financial advisers.
The advice and tech services firm’s new Padua DIY Advice capability aims to reduce the time taken to produce advice and the cost of generating advice, as well as improve the quality and client engagement.
Padua co-founder Matthew Esler said the tool helps advisers to produce records of advice (RoAs) and 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,” Mr Esler said.
“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 tools are the first of a wider roll out of a range of solutions from Padua with more to be revealed in the coming months.
The solutions will have a focus on wealth management but also expand to insurance and assist advisers compare risk insurance across retail and superannuation options.
“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,” Mr Elser said.
“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.”
The tool launches come just a week after Padua announced the appointment of Rudy Haddad in the newly created role of head of technical advice.
Mr Haddad will oversee the advice and tech services firm’s capabilities across its software, services, research and data divisions.
I thought the “four key challenges” facing advisers were:
– persecution by ASIC
– persecution by AFCA
– persecution by the media
– persecution by politicians