Dover Financial Advisers has developed a new software tool that significantly reduces the time required to generate risk-only statements of advice (SOAs).
In a statement, the Robotic Dover tool, nicknamed RODO, removes the need for advisers to create ‘free text’ when preparing risk insurance SOAs.
Advisers only need to input details like a client’s name and contact details, assets and liabilities, and recommended amounts insured, the statement said.
The adviser then uses the software to select variables such as the amount and type of cover required and the reason/s why that cover is being recommended for a given client.
However, Dover chief executive Terry McMaster said that, despite the RODO name, the tool is not a robo-adviser.
"We firmly believe that no algorithm can replace the presence of a thinking, breathing, emphatic adviser when it comes to creating advice that is in a client’s best interest," Mr McMaster said.
Mr McMaster further adds that the tool has been released in time to assist advisers to best respond to the LIF changes starting on 1 July.
"It is surprising how little attention is being paid to the significant reduction in income that risk advisers are scheduled to experience from 1 July," Mr McMaster said.
"Any risk adviser who wants to retain his or her commission income post 1 July simply must see more clients.
"The hardest part of seeing more clients is that time is always limited," he said.
"We take care of compliance so the adviser can take care of their clients."