A new financial planning software that is free of charge promises to alleviate the cost of advice.
ProductRex helps financial advisers assess superannuation and investment product recommendations by comparing fees and asset allocation between platforms and underlying investments.
Founder Nick Topham told Financial Standard he began developing the software 18 months ago after seeing frustrations from advisers using expensive and clunky software.
The solution has thus far garnered some 150 pre-registered users.
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Superannuation and investment products are items that are regularly tweaked on a client-by-client basis and which need accurate and real-time data while the adviser or their staff is actually formulating their recommendations, he said.
"ProductRex is free to use for all advisers, paraplanners and support staff, and is instead funded through in-app sponsors. I'm stoked with the fantastic sponsors already on board for launch, who share the same values as us in helping reduce the cost of advice," Topham said.
Because advisers don't pay for the software, it keeps the cost of running the business down and that in turn will flow through to the end client, he added.
The application is targeting advertisers namely in the insurance and platform space.
Topham is the founder of Clique Paraplanning, which provided paraplanning services mainly on Statement of Advice preparation for financial advisers.
Over his experience in financial advice, Topham saw problems with collecting and presenting "data-heavy tables in an SoA."
"The quality of our data is second to none, being based on sophisticated and automated QA processes, rather than laborious and error-laden manual checking," he said.