QuoteMonster Teams With Strategi to Provide Statement of Advice Service 

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Quote platform QuoteMonster, is set to launch its new initiative, AdviceMonster, this week and in partnership with Strategi, will provide risk advisers with a full needs analysis and statement-of-advice template, including an annual review of the template.

Quality Product Research Co-founder and CEO, Alan Rafe, says the initiative was in response to adviser feedback.

“They were looking for something that was easy to use and they could create either a statement of advice or a record of advice, depending on how they run their business,” Rafe told RiskinfoNZ.

Quality Product Research Co-founder and CEO, Alan Rafe

“Because they are already in QuoteMonster and we have already captured a lot of the client information, it’s actually a simple process for us to then extract that into a statement of advice template.”

The templates are set to be available this week with the launch of AdviceMonster.

Rafe said advisers were after the following four key elements and he has designed the service around them.

  • Easy to use
  • Ability to edit
  • Reviewed from a compliance perspective
  • Cost-effective

Rafe explained as the template is within their platfrom, it is easy to use; delivered in Microsoft Word and so can be edited; Strategi is providing the template and ongoing review; and cost is $50 + GST per month extra within QuoteMonster.

Strategi Managing Director, David Greenslade, told RiskinfoNZ, the way advisers use the template will determine whether they are compliant or not in meeting good conduct obligations.

It’s starting to move the RFAs into the new regime…

Strategi Managing Director, David Greenslade

“It’s starting to move the RFAs into the new regime and starting to give them the tools that they need to be able to operate equivalent to what another professional in a similar situation would do, which is an AFA,” said Greenslade.

“So it’s moving everyone towards documented advice, effectively,” he said.

Rafe has presented a demo at QuoteMonster’s roadshows which are still ongoing and which he says have been very well-attended with almost 680 total registrations.

The premise of the roadshow was the launch of AdviceMonster, which has been in development for the past 10 months.

“I think we’ve tapped into a bit of a vein,” said Rafe. “With all the FMA’s consultation and MBIE’s documents, it’s becoming pretty front of mind for a lot of advisers, around compliance and their compliance reports.”

AdviceMonster also has the ability to upload third party statements of advice.

“So if a Group has their own they can upload that and use that for their advisers, in our platform,” added Rafe.