MLC Expand leverages AI to deliver adviser efficiency

Insignia Financial’s super and retirement platform, MLC Expand, has signalled its plans to launch several artificial intelligence (AI)-powered features to enhance operational efficiency for financial advisers.

To be rolled out over the next few months, the automated features will support advisers and their teams with the “intelligent” completion of client documentation by using information contained in the Client Service Agreement (CSA) and Statement of Advice (SOA), limiting the probability of errors and improving service efficiency for clients.

The platform also confirmed that a new feature that automatically populates clients’ advice fees in their fee consent form has been live for users since 2 October.

“MLC Expand is built by advisers, for advisers. This innovative rollout directly responds to feedback from advisers looking for smarter, faster ways to free up their time and their support staff’s time – so they can focus more on what matters most: their clients,” MLC Expand chief executive, Liz McCarthy, said.

“We’ve been using AI and robotics in our business for more than six years, so it’s exciting to now bring the scale and efficiencies we’ve gained directly into advisers’ offices. At MLC Expand, we recognise the value of owning our proprietary technology stack – the foundation our platform is built on. It gives us greater control, flexibility, and the ability to be quicker to market than many of our competitors.

“The AI functionality used to upload Client Service Agreements (CSA) was piloted over recent months by several licensees, including Shadforth Financial Group, Bridges Financial Services, and Rhombus Advisory. We worked closely with these practices to test, learn, and refine the functionality.

“If we applied the average time saved, from this initial pilot alone, across the entire MLC Expand platform, it would save advisers more than 500 hours in administration and manual data entry a month. This is revolutionary for financial advisers and their teams, as that’s more time they’re able to spend directly with their clients and/or bringing in new clients.

“We are also currently piloting the AI-enabled automation feature for new business applications, extracting the relevant information from the Statement of Advice (SOA), which has been saving advisers on average 15 minutes for every new business application they complete.

“At MLC Expand, we’re committed to continuing to deliver innovative, automated solutions to help advisers and their support teams save time, reduce costs, and invest more time on building client relationships.”

The AI-powered SOA feature for new business applications currently being trialled is also expected to roll out over the next few months.

“It’s been exciting to partner with MLC Expand to pilot these enhancements, and the feedback from those involved has been overwhelmingly positive,” Shadforth Financial Group CEO, Terry Dillon, said.

“We know there’s a financial advice gap in Australia, and as a business we’re constantly exploring ways to free up our adviser’s time to be able to service more Australians. By automating manual processes, we’re freeing up valuable time for our teams and helping more Australians benefit from the power of quality financial advice.”