Advice Intelligence enhances client experience with launch of comprehensive SMSF modelling tool & data feed functionality

Software provider Advice Intelligence (a.i.) has further enhanced their ground-breaking digital advice platform, WealthMap, with the release of their SMSF modelling and investment data feed functionality. These additional features propel a.i. steps closer to providing an industry-leading comprehensive digital financial plan that can track to a client's goal achievability.

a.i.’s founder Jacqui Henderson said, “With the addition of SMSF to our WealthMap’s modelling capability, this feature progresses an adviser's ability to provide holistic advice, and to model various scenarios covering a client's entities.

“Live data feeds also enable our WealthMap to start our first iteration of dynamically tracking a client's financial plan to their goals and life aspirations on their mobile responsive app (client portal) - creating the type of secure digital client experience they've so desperately desired.

“Our Open API is also set to launch next month, where advice businesses will now be able to connect with other software tools and applications, giving them more choices when building their ideal tech stack.

“With a $50m investment into the research development of a.i.’s platform, from private equity funding, we have honed our development toward our unique WealthMap, by designing a beautiful experience for advisers and their clients. We enable financial advisers to collaborate, inspire, and articulate the value of their advice - all through a client-facing scenario modelling tool that visually showcases the real impact that financial advice can have on their lives.

 “Our WealthMap is not just a platform, but a client experience. It is powered by our multi-dimensional modelling engine (originally co-developed with Milliman and then acquired by a.i. a few years ago). It models client goals, comprehensive advice strategies, and has 4 inbuilt product research comparators across super, pension, investment, and insurance. 

“Data flows seamlessly throughout our modelling and comparators, eliminating any repeated data entry, and it automatically builds an SoA behind the scenes whilst modelling scenarios for clients. Advisers can produce instant digital SoAs and deliver them securely to their client’s own portal.

“When building our software, we leveraged years of industry consumer research, which identified that new planning technology was needed and that there was a distinctive disconnect between clients and advice. No matter their age, today’s consumer is highly reliant on technology and smartphone applications. Technology is prevalent in all aspects of our lives, from Centrelink to ordering Ubers. Yet as an industry, we still develop advice on whiteboards and lengthy paper SoAs. We need to bridge the digital gap that sits between a paper SoA and the way today's consumer interacts via smartphone app. 

“There is a shift occurring from the old world of advice, from the “do it for me” mentality, to a new Hybrid Adviser model of “do it with me”. Clients want to feel part of the advice process, and we have created a comprehensive platform to do just that.

“a.i.’s mission is to not only uplift the client experience, but for the first time in this industry, we’ve created a tool that can help licensees with key compliance obligations across RG 175 – 248/249/254/255 - something that simply cannot be achieved via static paper SoAs.

“Licensees must be forward-thinking, seeking innovation that supports their advisers to scale, grow and prosper. This can be done by shaping a robust tech stack in providing them access to tools that helps them to demonstrate value, justify fees and deliver a better client experience that is in line with what today’s consumer expects.

“When I spoke at last year’s XY (Ensombl) PD Day, we conducted a survey across 491 advisers, which found that on average 40.6% of those advisers were somewhat to not confident in these compliance areas:

1. Monitoring that your clients are following your advice

2. Prioritising client goals and tracking their goals to your advice

3. Demonstrating that your advice puts your clients in a better position

“The lack of adequate tools available to advisers has been an enormous challenge. The legacy technology that forms the backbone of this industry is still producing the output of static-paper-based financial plans, despite compliance obligations being designed to measure client outcomes dynamically. This inherent disconnect between advisers and the available tools can only be bridged using our unique digital planning solution.