2018 Innovation Name: SMART Record of Advice (ROA)
Awards: 15th Most Innovative Company
Financial advisers regularly propose changes to their clients’ investment portfolios. Implementation requires a client-approved advice document, often for many clients at once. Creating the advice documents and seeking client review and approval on a large scale is time-consuming, often resulting in high costs or mistiming the investment opportunity for clients. The Netwealth SMART ROA (Record of Advice) service lets a financial adviser select a group of clients for whom they recommend a particular investment buy and/or sell, arrange for the investment, and then generate the required advice documents for all selected clients in a matter of minutes.
Each client is alerted by email/SMS that a recommendation is awaiting their approval online. Once accepted online, the advice is automatically executed regardless of the asset type being traded (domestic or international equities, managed funds or cash). This leads to hundreds of hours’ work saved and timely investment execution.