Outsourcing firm Vital Business Partners (VBP) and financial advisory company Yarra Lane have launched a Robotic Process Automation (RPA), consulting service aimed at helping financial advisers automate manual processes.
The service uses artificial intelligence and software robots to handle routine, repeatable tasks such as:
- Scheduling meetings
- Preparing templated emails
- Gathering data
- Generating reports
By automating these functions, the firms say advisers can free up time for more complex and client-focused work.
The service is delivered by VBP’s onshore and offshore teams and involves mapping out a business’s internal workflows, identifying automation opportunities, and building and maintaining RPA solutions.
VBP CEO Nathan Jacobsen said: “We’re already seeing some advice businesses use RPA for tasks like diarising meetings and sending calendar invitations, gathering information and reports, and using templates to draft client emails.”
He said the initiative helps address a growing skills shortage in Australia’s financial services sector, and offers a way for firms to expand operational capacity without hiring additional staff.
Yarra Lane CEO Nick Perrett said small and mid-sized advice firms could benefit from the service without incurring the high costs typically associated with technology development.
“Software robots can do a lot of the heavy lifting for advisers,” he said. “In a sense, advisers can work through the day and their bots can go to work at night so the next morning, advisers can focus on higher value activities like spending time with clients.”
He said many firms lack the in-house resources to implement and manage automation, making partnerships with experienced providers a more practical solution.
