Case Study - Asendium adviser software
After a launch of Asendium Lite in 2019, adviser data-finding and software service Asendium will launch a much wider range of services starting from March.
The new service will include File Notes, which was the basis of Asendium Lite, and will add to that streamlined fact-finding functionality, single entry data capture and an audit as you go capability.
Asendium Lite launched with six practices in 2019 and grew to 44 practices over a 12 month period.
“When we look at the industry it is very legacy focused,” Asendium co-founder and chief executive officer, Scott Miller (pictured), told Industry Moves.
“That’s why adviser fees continuously increase. There are ways to reduce that cost significantly [and] we’re looking to make next day advice possible.”
By implementing a comprehensive fact-finding tool - which, aside from the regulatory required questions, can be tailored to the licensee or financial planner level – much of the information in a strategy paper can be automatically populated. That can then be used to create a statement of advice.
The audit as you go function then ensures that financial advisers are completing all the appropriate steps as they come up.
“When a financial planner presents advice, they get audited six to 12 months after and then they find that there was an issue with advice,” Miller says.
“By making an audit as you go functionality, Asendium makes sure you complete each part of the process. For example, it won't let you move from a fact find to a strategy paper if you have missed one question in the risk profile.”
Asendium Lite was able to reduce the average time advisers spent on their file notes.
“The process for filenoting for a fact-finding meeting was around 45minutes to two hours. We confidently got that down to 10 to 15 minutes, Miller says.
Now, as a part of the full platform, file notes are taken apart and integrated into the relevant parts of the advice process, which also assists auditing preparedness and explaining why certain advice was given.
“Through Asendium we’ve integrated file notes into the process so we can reuse that data across the process,” Miller said.
All information is time and date-stamped so advisers know when they had particular discussions with clients.
Miller says they are working directly with some adviser software providers to ensure Asendium can connect to as many CRM systems as a client has access to.
One-way data will be released in quarter one this year, with two-way data to be released in quarter two. For example, if you update an address in Xplan that would automatically be updated in Asendium and vice versa if you are using a two-way data system.
The cost for the service is based on a per user per month basis, and includes unlimited statements of advice and from quarter two this year will also include access to a client portal that will enable clients to update certain functions themselves.
“The benefit of the portal is that if a planner needs something, instead of emailing the client something you can push that through the client portal, which offers multiple layers of security.”