Aussie fintech launches comparison tool for advisers
Padua Financial Group has announced the launch of a new online product comparison tool for financial advisers.
The Sydney-based fintech said its new offering enables financial advisers to compare the fees and features of over 1,000 superannuation, pension and investment funds.
The tool allows up to eight platforms to be compared simultaneously. It also enables the comparison of underlying investment options including investment fees (MER, indirect costs, and ICR) as well as the variance of the investment’s asset allocation against the client’s risk profile.
Padua’s insurance comparator allows advisers to compare unlimited insurance policies across life, TPD, trauma, income protection, and business insurance. Padua leverages its own Padua research division for the platform data and research, Morningstar for investment data (including investment management fees and asset allocation) and DEXX&R for insurance data and research (including premiums, features and definitions).
“Padua’s Product Comparison makes it easy for financial advisers to generate product comparisons on any existing or recommended products and policies. This assists financial advisers in satisfying their best interests’ duty. Based on the feedback we’ve received from existing clients, we are very confident Padua’s new Product Comparison tool will increase the quality of advice standards of any financial advice practice,” co-founder Anne-Marie Esler said.
“Padua aims to increase adviser-to-client engagement but we also recognise the urgent need for an investor facing superannuation, pension, investment fund and insurance policy comparison tool”.
Padua’s head of UX, Rob McCormick said the comparison outputs have been professionally designed and can be customised to suit adviser practices and licensees.
“Padua’s Premium Outsourced Paraplanning team [produces] up to 500 product comparisons each month. By automating this research component, Padua technology has freed up our paraplanner’s time to focus on more complex adviser SOA, ROA and modelling requests”.
Padua plans to release a new Product Comparison tool directly to retail investors in the coming months.
Advice gap worsening retiree stress, says industry head
The growing level of unmet financial advice needs is making it harder for client...
Netwealth December FUA net inflows up 228%
Netwealth has posted net inflows of funds under administration of $2.9 billion f...
Former NSW adviser banned following conviction
BREAKING ASIC has permanently banned a former NSW-based financial adviser follow...