Digital Fact Find Upgrade


Financial planning technology start-up, iFactFind, has upgraded its digital fact find solution, adding a mini fact find and functionality to support the efficient delivery of scoped advice.

A statement from the company says its latest release includes a mini fact find or pre-meeting questionnaire, designed to gather only the information essential for an adviser to commence basic analysis and modelling, ahead of an initial client meeting.

It says that with iFactFind’s new settings functionality, “…advisers can see every module and select only the relevant sections, based on the scope of advice a client needs.”

Dr Paul Moran…it aims to gather only the information required for an adviser to start basic modelling…

Advisers can configure a fact find to meet a client’s specific needs, for example, risk-only advice or aged care planning. Practices can template these settings for more efficiency.

The company says the feature is designed to reduce the amount of time people spend completing a fact find and speed up the advice process. It says it improves the client experience by eliminating the need to provide unnecessary information and addressing concerns new clients may have about privacy.

…the enhancements overcome the most common client and adviser pain points…

Dr Paul Moran, Founder and Chief Executive Officer of iFactFind, says the enhancements overcome the most common client and adviser pain points.

“Getting a new or potential client to complete a comprehensive fact find that asks for intimate details of their life is difficult because trust hasn’t been established and, in some cases, they haven’t even met their adviser face-to-face yet.”

He says using the mini fact find “…minimises the risk of the advice process stalling before it has even begun. It aims to gather only the information required for an adviser to start basic modelling so that the initial client meeting is meaningful and effective.”

Moran says the company is focused on helping advisers drive practice efficiencies by seeking to establish and follow common protocols and standards, noting that this positioned it to integrate with other financial planning technology solutions in the future.

He adds that there’s currently a lot of discussion about how technology can drive efficiencies and ultimately improve advice accessibility and affordability. “We believe it begins with standardised processes across the industry,” he says.

“I’m not talking about standardised operating processes. It is up to each business to determine the best way to operate but standardising things like how data is recorded is something simple that has the potential to significantly improve efficiencies and reduce costs.”

“It would make it easier for technology solutions to speak to each other.”

iFactFind facilitates data feeds to other technology providers including Xplan and Worksorted.