Padua’s solutions help drive efficiency for Count Financial

Oksana Patron

9 September 2022

Count Financial is hoping for a reduction in time taken to produce a Records of Advice (ROA) from two hours to around 15 minutes after approving advice technology from Padua Solutions.

Simon Jeffery-Bilich, head of practice development and research at Count Financial, said Padua helped produce a ROA in line with the company’s professional standards requirements while “producing quality advice in a timely fashion”.

“It includes Inline Editor, which allows our advisers to customise the ROA to suit their clients’ individual circumstances as required,” he said.

“There is also ‘fact find’ technology which integrates with our version of Xplan to access client information, enabling advisers to instantly compare a client’s existing platform and underlying investment options against various platforms and investments (including model portfolios and SMAs) on our APL.”

According to Matthew Esler, co-founder and co-CEO at Padua Solutions, the amount of time that could be saved by advisers using Padua’s new ROA generation system would reduce from an industry average of 520 hours per year to 130 hours.

According to real-time advice data from Padua, there were over two million ROAs produced each year, representing almost 80% of the 2.6 million advice documents created for individuals paying for advice in Australia.

“We calculate that there are almost 160 clients per adviser*, and approximately 130 clients requiring ROAs per adviser. Cutting this time to less than 15 minutes will make a huge difference,” Esler said.