Outsourced paraplanning service TNW Solutions said it will use advice tech firm Asendium’s platform to generate statements of advice (SOAs) in a way that is “simple to use, easy to learn, and achieves significant efficiencies in producing advice”.
In a joint statement, the firms added that the partnership will help TNW to improve its service offering and allow advisers to keep up with the demand for advice.
“It is great to partner with a business like Asendium who are leading the way in the market for helping businesses to deliver high-quality SOA documents in a highly efficient manner,” TNW said.
“Our team of paraplanners have found the system incredibly user friendly and intuitive, making it simple to learn and easy to use. We are looking forward to using Asendium in the long term and increasing our team’s productivity.”
Asendium said that, as part of its offering, TNW Solutions will use the advice tech firm’s Statement of Digital Advice (SoDA) system and Enzumo’s compliance wording to “tailor the SOA to their specifications more efficiently to traditional means on the market”.
Asendium added that it acts as “guard rails” for developing advice, allowing paraplanners to generate comprehensive and personalised advice across advice areas.
“Paraplanning is an essential service that licensees and financial planners rely on to help them service their clients,” Asendium chief executive Scott Miller said.
“At Asendium, our mission is to help every eligible Australian access high-quality, affordable financial advice, and this starts with streamlining the advice production process for support services – primarily with the paraplanning industry.
“Through our deep integrations and Statement of Digital Advice system, Asendium is on its way to becoming the market-leading financial planning software that will power the advice landscape of the future.”
In July, Asendium partnered with LML Insurance Group for reduced professional indemnity (PI) premiums to be made available to Australian Financial Services Licence (AFSL) holders who use Asendium for their advice production, which the duo deemed an “industry-first”.
LML Insurance Group managing director Bryan Leibbrandt said: “Attributing factors, such as clients’ risk profiles, fraudulent claims, poor underwriting results, and a surge in claims, have seen Australians becoming increasingly litigious.
“We see the robust compliance system that Asendium has created as a positive for insurers, because it creates an environment of tangible transparent business processes and procedures with diligent communications and record keeping.”
