Advice tech start-up says new upgrade will cut time on completing fact finds

The Melbourne-based advice tech start-up has announced a new mini fact find, designed to gather essential information for an adviser to commence basic analysis and modelling, and new functionality which it says will “accelerate the advice process and facilitate scoped advice”.

The new features allow advisers to see every module and select only relevant sections based on the scope of advice a client needs.

iFactFind founder and CEO Dr Paul Moran said the new additions will reduce the amount of time people spend on completing fact finds and improves the client experience by eliminating the need to provide unnecessary information.

“Getting a new or potential client to complete a comprehensive fact find that asks for intimate details of their life is difficult because trust hasn’t been established and in some cases, they haven’t even met their adviser face-to-face yet,” Dr Moran said.

“Using iFactFind’s fully enhanced mini fact find minimises the risk of the advice process stalling before it has even begun. It aims to gather only the information required for an adviser to start basic modelling so that the initial client meeting is meaningful and effective.”

Mr Moran said despite much discussion within the industry about how technology can drive efficiencies in regards to advice accessibility, he believes it must start with standardised processes.

“It is up to each business to determine the best way to operate but standardising things like how data is recorded is something simple that has the potential to significantly improve efficiencies and reduce costs,” he said.

“It would make it easier for technology solutions to speak to each other.”

The new features come just months after iFactFind announced Trapeze Group’s former business manager Bill Taylor as chief operating officer, with the company revealing plans to “expand rapidly” over the next one to two years.

Mr Taylor has been tasked with driving iFactFind’s transformation to a modern software-as-a-service (SaaS) and expansion into the New Zealand market.

“Our goal is to help financial advisers and their clients benefit from this trend too,” Mr Taylor said following his appointment in February.

“As we continue to grow and gain momentum, we want our clients and business partners to be confident that the right structure, governance and processes are in place to ensure ongoing investment in our solutions and client proposition,” he added.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.