Q & A: Should I shift to a digital advice process?

Have you been thinking about going digital but not sure if it will benefit you and have no idea where to start? Jonathan Taylor, Managing Director at OMNIMax Software Solutions, answers your questions about going digital with your advice process…

Tuesday, February 23rd 2021, 2:19PM

by Jonathan Taylor

How will automating my advice process support my business?

With an automated workflow you’ll save time and that’ll allow you to handle a greater workload without adding more resources - ultimately improving your efficiency and profit margins. Output your statement of advice in just minutes.

Will it help me when the new regime comes into force?

The new regime talks about making sure that clients understand the advice you give. By going digital you’ll be able to easily tick that box with visual outputs from your advice software – modelling different scenarios for your clients and showing them the impact their decisions have on the outcome of their investments. Plus, record keeping is no longer an onerous task with complete audit trails of the advice you give.

Can I model and quickly compare scenarios for my clients?

We feel that modelling tools are an important part of the advice process to help clients easily understand the advice they’re being given, so we’ve developed a number of apps in this area to model investment scenarios with goals and visually show to clients the value of the advice you give.

Is it expensive?

It may not cost as much as you think! At OMNIMax a small upfront fee covers the setup of your solution, then a monthly subscription cost makes it much more affordable than developing something yourself. We’ve got plans from just $99/month.

Is it going to take a lot of time?

We do most of the work! You provide us with your templates, or you can use ours, then we can have you up and running in just a few short weeks.

I use a software solution, but I can’t customise it, is this possible?

For sure! It can be very frustrating not being able to get your digital workflow to suit your business, we use our templates as a starting point and then alter to suit the way you work. Add or remove steps from the process, customise your risk profile and collect the information you need in a fact find.

My business is small, is there an option for me?

At OMNIMax we have a range of cost-effective out-of-the-box solutions for small advisory businesses, to automate their advice workflow, that are quick to get up and running. We also deliver scalable or bespoke solutions for larger organisations for KiwiSaver and investment as well as mortgage and insurance. We have worked with some large clients such as BNZ, but equally we work with smaller advisory firms that may have just 1 or 2 advisors. Our software is very flexible.

At OMNIMax we specialise in financial advice solutions and we have over 15 years of experience creating digital advice workflows for the finance sector. So, get in touch if you’d like help digitising your advice process, we have solutions to fit advisory businesses of all sizes.
Call Jonathan on 027 4377 805, visit our website @ www.omnimaxsoftware.com or email us: info@omnimax.co.nz.

Managing Director at OMNIMax Software Solutions

Tags: OMNIMax