Online advice firm Plenty Plus has announced its white-label service is now available following strong interest from accountants and planners providing advice under an Australian financial services licence.
The white-label service gives users the ability to generate statements of advice (SOA) in minutes on single topics such as setting up an SMSF, buying property in super, starting pensions and contributing to super.
“The reason we built it is we had a number of accountants who liked our non-white-label service but they wanted to use their own licensing and branding,” Plenty Plus co-founder Josh Golombick told selfmanagedsuper.
“We have had a lot of interest in our white-label service.
“The SOAs produced under our white-label offering are not templates, they are advice documents that are ready to be given to the client without any additional time investment required by an adviser or an accountant.
“This is in stark contrast to current software offerings, which offer basic templates that require hours of editing by the professional.”
He said the production of SOAs was cumbersome for those operating under the accountants’ regime, with research showing accountants are taking an average of 6.8 hours to produce an SOA for a typical SMSF client, while financial planners are taking an average of 6.3 hours.
Plenty Plus looks to solve this dilemma through its white labels by giving accountants and planners the ability to generate SMSF-specific SOAs entirely online in under five minutes.
“As a financial adviser, I know how difficult and time-consuming producing SOAs is,” Plenty Plus founder Greg Einfeld said.
“Producing SOAs for topics such as SMSF establishment, pension commencement and voluntary contributions is required under the new legislative regime but almost impossible to do in a cost-effective manner for the client without a service like Plenty Plus.”
In the past 12 months, the business has produced hundreds of SOAs under its own licence.
The first SOA with Plenty Plus is free, with ongoing monthly access as low as $97 plus GST per accounting firm.
