On the other side of the Tasman, Digital service provider, Advice Revolution, is offering a free mini fact find package in its quest to encourage more advisers to adopt its integrated digital fact find services.
Positioned as “…the first of its kind in Australia”, the mini digital fact find tool has been designed to remove the need for advisers to use PDF-based fact finds, DIY online survey tools, or other software required to be included in the process.
According to the firm, the intended impact of the mini fact find is to deliver a better experience for clients and reduce the time spent by advisers and/or their support team in producing the fact find.
…fact finding with clients is the most time consuming part of the advice process
According to Advice Revolution co-founder, Adrian Patty, fact finding with clients is the most time consuming part of the advice process. He says the value in his firm’s services relate to reducing the time to deliver advice.
He says adviser using the platform are seeing an improvement in both compliance levels and client experience and importantly, a reduction in time to provide new advice by up to 5.5 hours per client.
The mini fact find service offers a full digital fact find process, while costed options offer the adviser the opportunity to integrate the fact find into their CRM systems.
The most effective way to counter the increased cost to serve is through digital fact finding
Patty says “We want to help Advisers who have borne the brunt of ongoing regulatory change. The most effective way to counter the increased cost to serve is through digital fact finding.”
According to Patty, only 25% of advisers have so far adopted a digital fact into their processes and his aim, together with co-founder, Shaun Green – both former advisers – is to help take this to 100%: “There’s so much opportunity ahead with technology and the first step is to go digital.”
Advice Revolution says it has recently formed partnerships with Centrepoint Alliance and other mid tier licensees to make the solution available to their advice networks. It adds that the benefits advisers are experiencing in using the full-service package include:
- Saving advisers up to 5.5 hours per new client
- Making it easier to satisfy Best Interest Duty
- Providing a more user-friendly and less time-consuming client experience
- Integration capability with Xplan
One adviser advocate of the service is Hub Advisory Group’s Gavin Murray, who says:
“Advice Revolution is a game-changer for advice practices in terms of business efficiency.”