Financial Simplicity, the digital platform for personalised portfolio management at scale, has introduced a new feature that cuts the time it takes to produce a personalised portfolio review or record of advice complete with supporting trade recommendation commentary to seconds.
The new feature automates the addition of commentary for every investment that is calculated to be bought or sold within a portfolio based on a library of investment commentaries that the adviser or portfolio manager has previously set up.
It enhances Financial Simplicity’s existing capability to calculate personalised portfolio review adjustments across multiple client accounts, asset classes and currencies with speed and scale by eliminating the need to input commentaries manually.
Financial Simplicity CEO Stuart Holdsworth said by adding automation to the commentary function, wealth managers, stockbrokers, financial advisers and licensees could reduce the time, cost and compliance risk of producing portfolio reviews for clients.
‘Most advisers or portfolio managers rely on repetitive manual methods such as cut and paste to add commentaries to their reports, which not only takes time and effort but runs the risk of errors,’ Mr Holdsworth said.
‘By bringing automation to the portfolio commentary process, our new feature can improve adviser productivity, reduce advice costs, give clients a better experience and reduce licensee compliance risk.
‘Ultimately this is about enabling advisers, stockbrokers and wealth managers to spend more high-value time with existing clients, attract and service new clients and reduce the cost and compliance risk of delivering their services – time they previously would have spent on low-value activities associated with producing reports.
‘We are committed to further pushing the envelope to support the Australian wealth industry with smart technology. Wealth managers are facing increasing obligations to not only determine client-centric buy and sell recommendations against a client’s chosen investment strategy but also to have compliant documentation in place. Our new feature represents a considerable productivity benefit as well as brings best practice client servicing and compliance support to this process.”
