Financial advice technology firm Padua Solutions has launched a robo-advice generation tool for financial advisers.
The firm said the tools would help to solve four key challenges facing advisers – the time taken to produce advice, the cost of generating advice, the quality of advice, and the need to engage clients effectively.
Padua co-founder, Matthew Esler, said the Padua DIY Advice capability enabled financial advisers to produce Records of Advice (RoAs) and simple Statements of Advice (SoAs) in minutes.
“We have designed Padua DIY Advice to reduce the amount of time taken to produce key advice documents for clients from hours to minutes, helping advisers significantly cut down turnaround times, lower the overall cost of advice, and improve client engagement,” Esler said
“Advisers can produce the ROA or SOA, Best Interest Duty (BID) Statement and Product Comparison instantly and can also compare the fees and features across over 1,600 superannuation, pension and investment platforms as well as over 20,000 investment options using the Padua Compare tool.”
The new tool was part of a roll-out of a range of advice solutions by Padua, with more capabilities to be added in coming months including intermediate and complex advice strategies, across both the SoA and RoA format.
The solutions were initially focused on wealth management but would also be expanded to include insurance, enabling financial advisers to compare risk insurance across both retail and superannuation options.
“Our analysis shows that by effectively utilising these tools advisers can save over 80% of the time it takes to generate advice on average. That’s an incredible time-saving – reducing what currently takes 140 business days on average down to 16 business days,” Esler said.
