New Software to Dramatically Reduce Time to Create SoA’s


    A new Statement of Advice process has been launched by adviser software firm, Midwinter, which promises to decrease the time it takes to produce a complex SoA from days to hours.

    This new SoA  feature is part of a suite of initiatives being rolled out by Midwinter to advisers at its third annual advice roadshow.

    The SoA software package, called Plan Builder, enables strategy and product data from modules in Midwinter’s Reasonable Basis client analysis software to be used to create a personalised SoA.

    Midwinter says the aim of Plan Builder is to reduce the amount of manual document editing to a minimum.  The software includes a free pre-loaded SoA template, and Midwinter has indicated it will also be providing tailored licensee templates.

    According to Midwinter, its Plan Builder software uses the concept of ‘advice links’ (a link between the objectives of the client and related recommendations, benefits, risks and disadvantages) to make SoA creation as efficient and painless as possible.

    … it will dramatically reduce the time it takes to produce an SoA from around … seven hours to less than one hour

    Using this process, Midwinter says it will dramatically reduce the time it takes to produce an SoA from around an average of seven hours to less than one hour. 

    Commenting on the nature of its new SoA package, Midwinter Managing Director, Julian Plummer, points out that a main point missed by most is that its new package will create a plan that requires minimal editing once it has been generated, as opposed to other planning systems that generate plans with a lot of excess ‘red text’ that advisers and paraplanners have to manually fill or type in: “In our experience, it is this ‘red text’ editing that takes up so much of an adviser’s time,” said Mr Plummer.

    The firm has told riskinfo that its new SoA proposition has generated substantial interest from advisers and paraplanners who are seeking more efficient and effective ways of generating and delivering to clients the full end-to-end advice process.

    Midwiner’s roadshows have already covered most mainland capitals, and will wind up with presentations in Melbourne and Sydney next week.  Sydney and Melbourne-based advisers can click here for roadshow venues and times.