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Padua launches new adviser tool

Padua Solutions has launched a new robo advice generation tool for financial advisers aiming to help significantly cut down turnaround times, lower the cost of advice, and improve client engagement.

Padua co-founder Matthew Esler said the tool was designed to reduce time spent on advice documents for their clients.

"Advisers can produce the ROA or SOA, best interest duty (BID) statement and product comparison instantly and can also compare the fees and features across over 1,600 superannuation, pension, and investment platforms as well as over 20,000 investment options using the Padua Compare tool," he said.

Padua added it will continue rolling out advice solutions with an initial focus on wealth management.

It also expects to add insurance and comparable risk insurance for retail and superannuation options in the future.

Padua's DIY risk capability also includes a new needs analysis tool that instantly produces insurance needs based on the client's demographic.

While the software, services & data has been designed to respond to industry challenges such as time, cost, quality, and engagement.

"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," Elser said.

"Our analysis shows that by effectively utilising these tools advisers can save over 80% 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."

Read more: AdvisersPadua Solutions