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1. THE BEGINNING
This innovation came to life when…
A brilliant financial adviser teamed up with a rock star software architect to deliver financial advice optimisation technology via the web.
2. WHAT & HOW
The purpose of this innovation is to…
Deliver solid advice in minutes for the six most common superannuation financial strategies in Australia (transition to retirement, contributions, retirement adequacy, super consolidation/rollover, investment choice, and insurance).
It does this by…
Optimising financial strategies (as opposed to modelling).
Optimisation instantly shows how to get the best ROI from a financial strategy. Modelling requires the human (adviser) to model and analyse many strategies, compare them for ROI, and then pick a good one to recommend to the client.
Optimisation also enables self-service advice tools direct to clients.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
An ‘acceptable’ amount of time to issue financial advice has always been at least a few hours, much of which was analysis of strategies.
Provisio cuts this down to 15-30 minutes (no exaggeration), by determining the best implementation strategy under current and future superannuation and tax legislation.
And, Provisio was developed specifically for Australian financial advice by industry experts.
The benefits to the customer/end-user include…
Financial advisers can:
- service far more clients in less time;
- offer advice profitably at lower prices;
- eliminate hours of tedium from their jobs.
- get self-service advice through their fund’s website.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Provisio advice optimisation was previously delivered through an application/server model, which limited the target market to large organisations. The new web model makes optimisation technology available to any financial adviser or paraplanner in Australia. Prior to Provisio, there were no Australian scaled advice optimisers.
Its predecessors/competitors include…
There are no true competitors to Provisio. Many advisers still use comprehensive advice modellers (some from overseas vendors) to issue simple/scaled advice. Some comprehensive tools now provide scaled advice ‘add-ons’ that marginally improve efficiencies, but still require hours per SoA.
5. TARGET MARKET
This innovation is made for…
- Australian IFAs (Independent Financial Advisers, around 18,000)
- Super fund advice teams
- Bank financial advice teams
- Financial advice dealer groups
- Any organisation with a website related to financial advice strategies
6. DISTRIBUTION STRATEGY
It is available for sale through…
Directly through Provisio Technologies, and soon through Rubik and COIN distribution channels.
In a few weeks, Provisio’s 100% online delivery channel will enable any adviser or paraplanner with PayPal/credit card to sign up and be amazed.
Our marketing strategy is to…
Make ourselves useful to the Australian financial advice community in ways independent of our product offerings.
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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.