Software provider to offer free scaled advice tools to planners
Scaled advice software provider Provisio Technologies will offer its online advice tools to financial planners, expanding its user base from superannuation funds into the single and scale advice and planning space.
As part of this push Provisio will offer free access to the tools for a limited period to a set number of advisers from next month after it concludes final testing.
The tools on offer will centre around superannuation advice only and will include transition to retirement, contributions and retirement adequacy modelling.
Provisio Technologies director Jye Tucker said planners taking up the free access offer would have full access to the product suite, with their use designed to provide feedback to Provisio before a wider rollout to all-comers.
Provisio will offer tiered access to planners. Presentation tools will be available to adviser clients without cost, with further client-facing tools offered under a pay-as-you-go subscription model.
Tucker said the move to offer advice on superannuation stemmed from Provisio’s current relationships with major industry funds, and was also a response to the demand for growth in scaled advice in the retail space.
“We are taking the same tools used with large super funds to the independent adviser market and adapting the lessons of high volume scaled advice for efficiencies in small scale practices,” Tucker said.
“The point of differentiation we hope to offer is to avoid the approach of using 'what if’ projections, which extend different scenarios into the future and which is used by much of the software available. Our model asks end-clients what they want to achieve and what they have now, and works back from there to the client’s present situation from which the planner can offer advice.
“This type of advice has been costly and time-consuming, but planners will be able to service a client for $300 and do a limited statement of advice in about 15 minutes, and [the new technology] will move planners from thinking scaled advice is cheap and low quality,” Tucker said.
Earlier this year Provisio was purchased by Rubik. It will sit alongside another purchase by Rubik - COIN - with Tucker stating the two products would cover the scaled advice and holistic advice offered by planners.
Provisio’s plans to offer the scaled advice model to planners have also been recognised by Australian Anthill, an online communities for business builders, which placed it in the top 10 of its annual SMART 100 Awards, making it the only financial services provider to rank highly in the awards.
AUTHOR
Jason Spits
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