Otivo launches SOA audit tool
Otivo has launched a compliance tool for financial advisers to publish and audit their statements of advice (SOAs).
This compliance tool allows advisers, as well as superannuation fund trustees, banks and insurers, to quickly audit files to improve efficiency and accuracy.
It has the ability to reduce the time spent on compliance checks while maintaining high standards and satisfying best interest duty as well as reducing costs, providing flexibility. The system can be integrated into an adviser’s existing systems or operated as a standalone service.
Otivo chief executive and founder, Paul Feeney, said: “Otivo can tackle the high costs of financial advice by using technology to boost efficiency without sacrificing quality. Since day one, we’ve stayed true to our mission of using tech to provide personal financial advice that can work alongside face-to-face advice services if needed.
“We don’t see ourselves as an alternative to traditional advice. Instead, Otivo is a versatile service that can complement existing services, offering scaleable and accessible financial advice to Australians who need it most.”
In April, the firm appointed Joanna Lawson as head of product strategy who will work with Otivo specifically around proposals in the Quality of Advice Review (QAR) for superannuation funds to give advice to members.
In its second formal response to the QAR in December, the government proposed an alternative where SOAs will be replaced by an advice record that provides information in plain English.
The removal of the SOA had been a recommendation made by Michelle Levy in her final QAR as it was her impression that a one-size-fits-all document was unsuitable. The government agreed with this but opened consultation on what the new “fit for purpose” advice document could look like.
Minister for Financial Services, Stephen Jones, said: “The record must be clear, concise and effective, and actually helps the client make an informed decision about the advice they have received.
“And it must address the following matters:
• The subject matter.
• The advice – such as product recommendations and strategies.
• The reasons for the advice – such as the information about the client that the adviser considered.
• The cost of advice to the client and any benefits received by the adviser.”
AUTHOR
Laura Dew
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
