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Provisio ups ante on scaled advice software

A new software offering from Provisio claims to reduce the costs associated with provided scaled advice, according to a white paper issued by the Rubik Financial-owned company.

The white paper was critical of traditional modelling software, claiming it does not “scale down proportionally with the defined scope”.

This leaves advisers forced to do many hours' work, even when answering relatively simple scaled advice questions, according to the white paper.

Provisio’s newly released ‘optimisation’ software is said to be capable of reducing SoA modelling from 1-4 hours to 15-30 minutes, with a dramatic reduction in the cost of advice.

“With no indication of their potential gain, a client may not be willing to pay the fees required to cover the data entry overhead,” the white paper said in relation to data.

Provisio says this new software will excel at providing lower-cost scaled advice and enable advisers to obtain and retain clients.

“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 said.


The key to the process is that “optimisation lets advisers begin with the desired strategy in mind, such as a target retirement income level,” it said.

“Currently, scaled advice only accounts for 25 per cent of Australian statements of advice but is expected to grow dramatically,” the white paper said, citing research conducted by Provisio’s parent company, Rubik Financial, and research firm Rice Warner.