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PRESS RELEASE
Financial Advice for all Corporate Superannuation members
Sydney, NSW – 25 June 2008 – Corporate superannuation managers can now cost-effectively provide simple financial advice to all corporate super members, even those with mid to low level investable assets, thanks to AdviceConnect from WealthPoint Australia.
Built on a compliance foundation, AdviceConnect provides low-cost, online financial advice by connecting corporate super members with the manager’s advisors via the web – simplifying the advice interaction and massively reducing the cost of advice-giving.
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‘We estimate AdviceConnect can deliver simple and limited advice five to ten times more efficiently than traditional face to face models, effectively reducing the per customer cost,’ said Mike Giles, WealthPoint CEO.
Low cost advice for the 78 percent of households that are ‘unadvised’ is a key focus area for the Australian government as demonstrated by the recent release of the ‘Simple advice on choices within an existing superannuation account’ consultation paper by Senator Sherry and the Financial Services Working Group.
Wealthpoint’s Giles believes the AdviceConnect platform is ideally placed to fill the gap in advice accessibility for those people who need advice but are not currently served by the existing face-to-face financial advisor or phone advice models.
‘Corporate superannuation managers know that the there is a huge need for advice services in the mid-market,' said Giles. ‘Face-to-face advice is both expensive to give and to receive. Until now there has been a struggle to find a business model that can lower the cost of delivery, maintain strong compliance and still deliver real customer benefits.’
‘AdviceConnect is the perfect platform for low-cost advice for any size firm,’ stated Giles. ‘As an ASP model there is no up-front outlay and costs are determined by usage. Firms can even choose to apply a fee for specific advice types, creating a new revenue stream while improving customer service.’
The AdviceConnect platform was developed based on WealthPoint’s extensive experience delivering web-based advisor platforms across Asia for players like ING and St. George Bank. Built on a secure web framework, AdviceConnect allows customers to request advice from their preferred financial institution’s website with 100 percent transparency.
About AdviceConnect
AdviceConnect is a ‘white-label’ online advice platform that allows financial institutions to deliver low-cost advice services over the web. It uses a workflow and audit framework to deliver interactive advice services allowing customers to request advice and online advisors the ability to provide compliant advice statements. Customers are led step-by-step through wizard based fact-finds as required by the provider but can submit the advice request at any time - even incomplete with the advice service centre assisting in its completion, all with 100 percent transparency. The platform is an enterprise web 2.0 solution based on Microsoft dotNet and provided on an ASP model. Additionally it can be moulded to suit the brand requirements of the community owner or advice provider.
About WealthPoint Australia
WealthPoint is an Australian company that provides software solutions and strategic consultancy services for the wealth and insurance markets. Established in 2002, WealthPoint has brought innovation to wealth management distribution across the Asia Pacific region with its advisor platform, WealthPoint Connect, and now with AdviceConnect. The WealthPoint solutions are multi-lingual, multi-currency, highly scalable and provide bank grade security. Clients include ING Asia, NAB / MLC, IAG and Infochoice.
AdviceConnect makes low-cost,
online financial advice easy:
• low-cost, web-enabled advice
• no up-front costs just pay as you go
• releases hidden revenue streams
• compliance built-in
• tailored to your brand
• fast implementation and no impact to IT