Financial advice technology provider Asendium is aiming to revolutionize the Australian advice sector by focusing on the crucial role of paraplanners in driving growth and efficiency. In a landscape filled with various technology solutions, Asendium has distinguished itself by specializing in Statement of Advice (SoA) production to streamline processes and reduce the cost of advice delivery.

Asendium envisions a significant economic impact of $630 billion if all eligible Australians receive financial advice, as highlighted in the Value of Advice Report by CPA Australia. However, engaging a profession challenged by inquiries, regulatory changes, and educational requirements presents its own set of challenges.

A recent survey conducted by Tanngo revealed that Australian paraplanners typically spend four to six hours crafting an SoA. In contrast, Asendium boasts the capability to generate a fact find, strategy paper, and SoA within two to four hours or a single-scope SoA in just 1-2 hours, empowering paraplanners to enhance productivity and efficiency.

While financial advisers are intrigued by the potential benefits, the decision ultimately rests with their licensee. Asendium’s co-founder and CEO, Scott Miller, acknowledges the complexities of navigating licensee dynamics, emphasizing the importance of compliance in the advice process.

Asendium’s innovative Statement of Digital Advice (SoDA) system streamlines compliance management, enabling licensees to handle regulatory requirements more efficiently. This empowers financial planners to offer advice more cost-effectively, with a focus on client engagement and strategic planning.

The company’s focus on customizing and managing SoAs through its SoDA system allows for seamless integration of templates, ensuring compliance and adaptability. Miller emphasizes the underappreciated role of paraplanners in the industry, noting the ease with which they can adopt new technologies due to their familiarity with existing platforms like Xplan, Midwinter, and AdviserLogic.

Recognizing the potential for paraplanners to evolve into strategic partners within financial planning businesses, Asendium aims to champion their role and collaborate closely with them to develop tailored solutions. The company envisions paraplanners as instrumental in driving research, product selection, and other critical aspects of financial planning.

Brittany McBean, a senior paraplanner at Clique Paraplanning, foresees a shift towards recognizing paraplanning as a distinct profession rather than a secondary aspect of financial advice. She highlights the unique skill set required for successful paraplanning, emphasizing research and problem-solving as key attributes.

Asendium’s commitment to empowering paraplanners aligns with its vision of leveraging their insights to create specialized offerings that cater to their specific needs. The company’s collaborative approach underscores the evolving role of paraplanners as strategic partners in the financial advice landscape.

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