A new financial planning software solution that removes the need for paraplanners has been launched to the market.
Advice Intelligence has launched a software platform that enables financial advisers and clients to co-create the advice journey, informed by the clients' financial goals, needs and behavioural habits.
A key feature of the software is WealthMap which provides advisers and their clients with a shared space to collaborate on the creation of advice, enabling advisers to test future scenarios and simulate combinations of advice strategies.
Meanwhile, the WealthApp feature allows clients to track their personal financial plan.
Tracking goals, cashflow and insurance to provide the client with an instant, digital Statement of Advice, paraplanning is removed from the process.
The software delivers efficiency and compliance benefits for advisers as they face a dramatically changing regulatory landscape, Advice Intelligence said.
Advice Intelligence chief executive Jacqui Henderson said the software aims to transform the advice experience by guiding advisers into the new world of financial advice.
"Globally, regulators are working to ensure clients receive quality financial advice. The existing compliance and technology elements of the financial advice chain are inefficient and ineffective. Until now, this has adversely affected the value and in some cases, the consistency of advice delivered to consumers," Henderson said.
Advice Intelligence's software will enable advisers to increase their ability to scale, meet prospective clients and satisfy best interest guidelines, she said.
The software will help advisers strengthen client relationships, while making the process of delivering quality, goals-based advice more cost-effective.
"This client-facing experience enables advisers to actively demonstrate to clients that their individual goals are at the heart of the advice process. By refocusing the outcome on client goals rather than financial products, any friction that exists is removed," Henderson said.
"Our aim is to empower financial planners with the software of the future and support the industry in its transition to an efficient, respected profession."
