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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 09:36Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 09:36Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- 09:36Synchron launches app for adviser developmentBy Reporter
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- view all