Paul Moran
Melbourne-based financial planner, Dr Paul Moran, has teamed up with database expert, Mr Sahil Matta, to develop Australia’s most comprehensive, interactive digital fact find.
Designed to be a living document, iFactFind is a cloud-based solution for financial advisory businesses to efficiently gather, manage and securely store client information.
Developed during Victoria’s extended COVID-19 lockdown in mid-2020 and piloted by a select group of advice practices, iFactFind is proven to increase the quality and accuracy of client data, enhance the client experience and boost practice efficiency.
It also supports businesses to meet their legal and ethical obligations including Standard 5 and Standard 8 of FASEA’s Code of Ethics, which requires client records, including those of former clients, to be “kept in a form that is complete and accurate”.
According to Dr Moran, co-founder of iFactFind and principal of Moran Partners Financial Planning, the majority of advisers still rely on manual, paper-based fact finds or editable PDF solutions, which provide static point-in-time information, therefore, exposing businesses to significant compliance risk.
“The onus on advisers to know your client aims to ensure that people receive advice that is appropriate for their situation and needs. As such, quality advice hinges on access to rich, accurate client data,” he said.
“As anyone who has been in a long-term relationship knows, things can easily go wrong when you start making assumptions and taking things for granted. The advice relationship is no different. For most people, life is busy and complex with lots of curve balls. This means advice processes need to be dynamic.”
Developed with new, prospective and existing clients in mind, iFactFind can be securely accessed online by clients, advisers and support staff. It maintains an auditable record of every entry including the date and time changes were made and the person who made them.
For new and prospective clients, there is built-in Financial Services Guide (FSG) delivery and confirmation functionality.
The entire process, which includes goal setting and a risk tolerance questionnaire, can be completed in around 40 minutes, if the client has all the necessary information handy. For existing clients, information can be easily updated, clarified and confirmed, giving advisers confidence that the basis for their advice is sound.
The need to print, post, scan and physically store documents is eliminated.
Mr Matta said Victorians had keenly felt the impact of COVID-19 and continued to face challenges, however, the ready availability of practical, easy-to-implement technology solutions like video conferencing and digital fact finds made it possible for advisers to continue operating and even growing their business.
“iFactFind can be used in face-to-face meetings or via Zoom or clients can complete it by themselves. It is a collaborative tool that fosters open communication, transparency and trust,” he said.
“In recent years, the concept of a technology stack has become a hot topic in financial planning, as licensees and advisory firms look to technology to help drive practice efficiencies and client satisfaction and manage the mounting compliance burden. While there isn’t a silver bullet, iFactFind can be the single source of truth regarding client details.”
