Fintech firm Padua Solutions has released a robo-advice generation tool designed to reduce the time and cost of producing advice while lifting its quality and engagement with clients.
Padua co-founder Matthew Esler said the Padua DIY Advice capability offered via its service platform will allow advisers to produce simple statements of advice (SOA) and records of advice (ROA) in a few minutes.
“Advisers can produce the ROA or SOA, best interest duty statement and product comparison instantly and can also compare the fees and features across over 1600 superannuation, pension and investment platforms, as well as over 20,000 investment options using the Padua Compare tool,” Esler said.
The capability is currently available for wealth management advice, but will be expanded to include risk insurance products in retail and superannuation options.
The insurance component will also feature a needs-analysis tool that can outline a client’s insurance needs based on their demographic.
Esler said the new offerings will continue to be expanded in the coming months and will be able to handle intermediate and complex advice strategies in both the ROA and SOA formats, and are aimed at addressing the pressures being placed on advisers.
“With the number of financial advisers in Australia falling, but the number of Australians seeking advice increasing, advisers are struggling to meet the demand for quality advice at an affordable and accessible price,” he said.
“Padua Compare and Padua DIY Advice play a crucial role in helping advisers become more efficient, while at the same time meeting their compliance and best interest duties.
“Our analysis shows that by effectively utilising these tools, advisers can save over 80 per cent 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.
“This frees up a significant proportion of advisers’ time and allows them to focus on what they do best – understanding the needs and objectives of their clients and developing amazing advice that aligns to their requirements.”
Padua recently announced the appointment of a head of technical advice and a head of marketing as it meets more demand for its software and services.