A fintech company has released a dynamic statement of advice (SOA) tool that will use a human avatar to guide financial advice clients through the details of the document and build engagement during the current coronavirus lockdown.
The new SOA tool, DynamicDocs, has been released by financial planning technology company Roar Software, which has partnered with customer engagement video software platform HumanableCX to provide the human avatar component.
Roar Software chief executive Kevin Liao said the tool was designed to make advice practices more efficient, while maintaining compliance obligations and building a scalable advice proposition for low-balance clients.
DynamicDocs will convert Word-based SOAs into an interactive online experience and will include tables and graphs using data pulled from advice applications, and also track how clients engages with the SOA and allow them to post questions to their adviser.
Liao said the rolling COVID-19 restrictions across Australia showed the limitations of traditional advice processes, which are too rigid and have not kept pace with changing consumer trends.
“The format is still largely based on lengthy face-to-face meetings in an adviser’s office to walk through spreadsheets and documents together,” he said.
“In 20 years that formula hasn’t evolved, but people are engaging their service providers differently. Advisers don’t need to spend hours in front of every client to demonstrate their value and as the cost of providing advice continues to rise, they will need to embrace scalable technology to drive efficiencies and make advice more affordable.”
Roar Software chairman Darren Pettiona said the dynamic SOA will provide advisers with further protections, allowing them to include consent check boxes on specific parts of the SOA and maintain an audit trail of updates and changes.
“If the institutions, with their large teams and budgets, struggle to manage risk and compliance, then small practices will find it increasingly difficult, which is why they need to utilise readily available technology solutions to help them meet their obligations to all stakeholders, including clients, regulators and equity holders,” Pettiona said.
