Dover Financial Advisers has released a new software tool to assist advisers in best responding to the LIF changes commencing on 1 July.
In a statement, the Robotic Dover tool, nicknamed 'RODO', removes the need for advisers to create 'free text' when preparing risk insurance statements of advice (SOAs).
Dover chief executive Terry McMaster said it is surprising how little attention is being paid to the significant reduction in income that risk advisers are set to experience from 1 July.
"Any risk adviser who wants to retain his or her commission income post-1 July simply must see more clients," he said.
"The hardest part of seeing more clients is that time is always limited.
"RODO dramatically cuts the time taken to prepare SOAs, especially for advisers for whom writing is not a pleasure," he said.
Using RODO, advisers only need to input details like a client's name and contact details, assets and liabilities, and recommended amounts insured, the statement said.
The adviser then uses the software to select variables such as the amount and type of cover required and the reason(s) why that cover is being recommended for a given client.
Mr McMaster said that, despite the 'RODO' name, the tool is not a robo-adviser.
"We firmly believe that no algorithm can replace the presence of a thinking, breathing, emphatic adviser when it comes to creating advice that is in a client's best interests," he said.
"It is the time taken to prepare the SOA that is robotised, not the advice process."
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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