An Australian fintech company MA Operator has launched a new tool for advisers that reduces the time required to generate a record of advice.
The new tool will allow advisers to produce records of advice (ROAs) in seconds, which the company said improves on currently available ROA tools that take at least 30 minutes to issue the documents.
MA Operator said the increased speed will minimise risks to clients by reducing the time between production of the document and implementation.
“ROAs are legally required to advise clients of changes in their portfolios,” the company said.
“Delays in production and client agreement add risk as markets can change significantly between the time of advice and implementation.”
Frontier Financial Group chief executive Richard McLean said the new tool removed “days of effort” and reduced costs.
“More importantly the clients are provided electronic signing of their ROAs, reducing the market lag and increasing the accuracy of the advice, as well as providing a full audit of the client communication and their digital response,” he said.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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