“It’s time for digital advice to go mainstream”.
You read that statement and you just instinctively know that it is true. Of course it is time! Everything else has gone digital. Why are we still producing SoAs the old-fashioned way?
Some have paid lip-service to the idea of digital advice. But let’s face it, that’s all been about scaled advice. Those aren’t going to cut it if you’re a holistic adviser or if your practice is a little different from stock standard.
The time has come for a serious player in the fintech market to deliver the next generation of advice tools. A statement of advice should generate on the screen as you are entering in recommended strategy details. The template behind that SoA should be easily adjusted on a case by case basis and the output should be editable right there on the screen.
Compliance made simple
From a compliance perspective, which has certainly come to the fore in the last few months, old-style Word doc output is extremely undesirable. As soon as it is created, the AFSL loses all control over what the finished document is going to say. Why wouldn’t you want to keep any edits right there in your software? That also allows the AFSL to log and approve (or disapprove) any changes to the SoA.
Production time dramatically reduced
From an efficiency perspective, it is a game changer. Being able to see and edit the SoA as you’re entering the strategy details means that the days of generating a doc, then editing it, then realising you need to regenerate, then copying the previous edits over (maybe a couple of times over) are well and truly gone. By the time you’ve gone through the strategy process, the SoA is complete. That’s where it gets interesting.
Do you see what I see
What options do you have with a paper document? How creative can you be? Now, understanding that you’ll still be able to produce the final product as a PDF, imagine what you can do with an HTML document.
The SoA is essentially a secure webpage that you can share with your client.
You can embed videos, calculators, the ability to adjust cashflow assumptions, glossary definitions for words when you click them. You name it. The sky’s the limit! That’s where the future of advice is. Being able to give clients engaging experiences that will have them coming back for more and telling their friends. By the way, you’ll be able to see where your client has spent extra time reading or which sections they’ve been clicking on to get an idea of what they’re interested in or concerned with. You can, of course, embed digital signature options here, too.
The time has come. Your clients already think it. You already know it. The technology is ready. Holistic financial planning is going digital and that’s a very good thing. It’s time for digital advice to go mainstream!
AdviserLogic will be launching digital advice early 2019 and is inviting existing and prospective AdviserLogic users to register for access to early glimpses of the future.