Melbourne-based financial planner, Dr Paul Moran, has teamed up with database expert, Sahil Matta, to develop a comprehensive, interactive digital fact find, called iFactFind.
A statement from the company says iFactFind, which is designed to be a living document, is a cloud-based solution for financial advisory businesses to efficiently gather, manage and securely store client information.
Developed during Victoria’s extended Covid-19 lockdown in mid-2020 and piloted by a group of advice practices, the statement says that iFactFind is “…proven to increase the quality and accuracy of client data, enhance the client experience and boost practice efficiency.”
It also supports businesses to meet their legal and ethical obligations including Standard 5 and Standard 8 of FASEA’s Code of Ethics, which requires client records, including those of former clients, to be ‘kept in a form that is complete and accurate’.
Moran, the co-founder of iFactFind and principal of Moran Partners Financial Planning, says the majority of advisers still rely on manual, paper-based fact finds or editable PDF solutions, which provide static point-in-time information, therefore exposing businesses to significant compliance risk.
“The onus on advisers to know your client aims to ensure that people receive advice that is appropriate for their situation and needs. As such, quality advice hinges on access to rich, accurate client data,” he says.
The company says that the tool can be securely accessed online by clients, advisers and support staff. It maintains an auditable record of every entry including the date and time changes were made and the person who made them.
For new and prospective clients, there is built-in Financial Services Guide delivery and confirmation functionality.
It says that the entire process, which includes goal setting and a risk tolerance questionnaire, can be completed in around 40 minutes, if the client has all the necessary information handy.
It adds that for existing clients, information can be updated, clarified and confirmed, “giving advisers confidence that the basis for their advice is sound.”