Five fintech solutions for planners

27 April 2020

Money & Life team

Money & Life contributors draw on their diverse range of experience to present you with insights and guidance that will help you manage your financial wellbeing, achieve your lifestyle goals and plan for your financial future.

The FPA continues to roll out tools and guides to help members navigate the myriad of fintech solutions available in the marketplace.

Given that cost, engagement and trust are big issues for consumers considering financial planning, part of the FPA’s role is to show members how fintech solutions complement, rather than replace them in delivering efficient, cost-effective advice.

As a result, the FPA has created a number of reports and tools to support members in incorporating technology into the advice process.

When identifying an ideal fintech partner, the FPA looks for providers that match its six-step financial advice process, and fully understands the FPA’s Code of Professional Practice.

As well as developing tools to help members comply with their FPA Code Obligations, the FPA also guides its fintech partners towards a better understanding of the client/financial planner relationship, and the digital tools that can best support that relationship.

To continue its engagement with fintech partners, the FPA regularly releases technology reports to its members. It recently partnered with technology solutions provider YTML to develop tools to inject more life into traditional paper-based reports.

The FPA’s technology reports are a win-win for both members and fintech partners alike; members receive guidelines on how to buy and implement technology into their practice, while fintech providers get to showcase their technology.

Here’s a snapshot of five fintech providers the FPA is working with:

1. Advice Intelligence 

Launched in September 2018 as ‘new world’ financial planning software, Advice Intelligence lowers the costs for planners in delivering quality, goals-based financial advice by removing paraplanners directly from the process.

By increasing financial planners’ ability to scale, and reducing compliance and technology inefficiencies, this product aims to enhance the value and consistency of advice.

The software’s WealthMap feature is key to supporting a better client experience and satisfying best interest guidelines.

In addition to providing planners and clients with a shared space to co-create advice, the WealthMap also nurtures customer relationships by tracking client goals, cash flow and insurance. The mobile app also provides clients with access to real-time updates and reminders to stay on track.

2. Advice RegTech

Launched in 2019 as a regulatory compliance checking product, Advice Regtech makes compliance against regulatory and organisational policies easier and more cost-effective.

Solutions help AFSLs and their firms with their internal compliance functions, while streamlining the audit support and risk monitoring process.

The software’s human-assisted artificial intelligence platform reduces the clumsiness associated with costly manual compliance reviews. It effectively automates multiple document checking, plus provides a myriad of checklist questions that would otherwise be undertaken by practice employees.

Instead of having to wait until after the event, the Advice RegTech engine allows for scale productivity and prompt alerts to any outstanding compliance issues.

3. Practifi

Founded in 2013 as a cloud-based business management software, Practifi offers wealth management businesses an easier way to manage client relationships. Practifi features a ‘compliant by design’ platform that captures data automatically and offers compliance monitoring tools.

The CRM functionality available on Practifi makes it easier for financial planners to handle client relationships, interactions, team collaborations and more, all within a single platform.

A fully customised dashboard lets advice firms quickly review and prioritise tasks and monitor recent client interactions, upcoming meetings, pipeline opportunities and overall business growth.

Practifi also features workflow analytic tools that track tasks, and provide comprehensive real-time workflow reports, with detailed analysis of trends within the business.

4. SalesPreso

Founded in 2012, SalesPreso is a cloud-based presentation and interactive platform. Thanks to seamless integration with CRM, enterprise resource planning and other internal or external data sources, SalesPreso is regarded as an enterprise version of Microsoft PowerPoint, effectively replacing PowerPoint and PDF documents with an automated live format.

The platform aims to deliver better client engagement by replacing generic, non-tailored messages with customised, data-driven and AI-powered interactive presentations.

SalesPreso also allows users to automatically trawl through the right data from a range of internal systems. This data is then used to pre-populate sales presentations and create highly customised proposals, all in a fraction of the time it would take to compile manually.


Founded in 2010, the YTML Group (YTML) helps financial services clients of all sizes – from large dealer groups through to smaller practices – cost-effectively navigate business change requirements and technical challenges. A key area where YTML creates opportunities for cost savings is in overcoming compliance hurdles.

Initially focused on the financial services sector, YTML has since branched out to a broad range of IT products and consulting services – from IT strategy and design, through to system implementation.

The company offers a financial advice app store (Seido), websites designed specifically for the needs of financial planners (Canvas), the ability to convert Microsoft Excel tools to apps (Highlighter), software to manage financial templates (Staple), and software to create enterprise documents (Binder).

For more information on the FPA’s fintech partners, click here and download the FPA’s guides for buying and implementing a technology solution.


 Guidelines for buying a technology solution


Key questions to ask your business Consider this
How do you know if a sales functionality or business management focused CRM platform is right for your business? ▪      If under 20 per cent of your new business comes from sales channels, a sales-focused CRM might be inappropriate.

▪      If referral from aligned professional services firms is the primary channel for new business, it is unlikely sales or functional CRMs will best meet your needs.

▪      When looking into CRM solutions, consider how many groups (planners, accountants, etc.) need access to customer records.

▪      While the need for modelling software and SOA generation reduces once paraplanning is outsourced, there’s a corresponding rise in the benefits of a business management platform.

How complex is your business structure? Firms spanning multiple locations will require cloud-based solutions capable of combining client data for reporting/compliance management.
How tech savvy is your firm? If a system requiring extensive and ongoing customisation can’t be managed internally, costly third-party maintenance may apply.
What is the volume of clients per planner? The higher the volume of clients per planner, the greater the benefits of automation.
What signs suggest a CRM will improve efficiency, reduce risk and promote growth? ▪      Client, partner/provider data stored in Excel.

▪      Client-related emails not stored centrally.

▪      Client information exists within multiple systems.

▪      Work-in-progress data not centrally accessible.

▪      Reporting is compiled manually.

▪      Revenue and client data sit on separate systems.

▪      Client files comprised of data from several stored systems.

What should I look for in a technology provider? ▪      Australian-based.

▪      Founders/owners still run the business.

▪      Have an established track-record providing solutions to your peers.

▪      Their business vision aligns with yours.

▪      There’s sufficient capital to grow.

▪      Offer good client-engagement.

▪      Understand planning industry and regulatory environment.

▪      Perform free regular platform updates.

▪      Systems easily implemented/reconfigured.

▪      Adequate data protection.

▪      No lengthy lock-in contracts.

▪      Offer free trial.

▪      Have suitable client references.

▪      Provide sufficient training.


                                                             Source: FPA Fintech Buyers Guide and Checklist