Scott Miller

Outsourced Paraplanning service, TNW Solutions have partnered with Asendium for faster Statement of Advice turnaround for their financial planners.

Asendium continues to transform the way financial planners deliver advice, through a dynamic platform that is simple to use, easy to learn, and achieves significant efficiencies in producing advice for everyday Australians.

TNW Solutions, an outsourced paraplanning service is using Asendium to generate Statements of Advice (SoAs) in record time to keep up with the high demand from their financial planning businesses.

TNW Solutions, understands that paraplanning services must stay updated, educated and trained on the latest technologies, in order to improve their service offering and assist financial planners in meeting the demand for advice.

From TNW – “It is great to partner with a business like Asendium who are leading the way in the market for helping businesses to deliver high-quality SOA documents in a highly efficient manner. Our team of paraplanners have found the system incredibly user friendly and intuitive, making it simple to learn and easy to use. We are looking forward to using Asendium in the long term and increasing our team’s productivity.”

As part of Asendium’s offering, TNW Solutions utilised Asendium’s Statement of Digital Advice (SoDA) system and Enzumo’s compliance wording, to tailor the SoA to their specifications more efficiently to traditional means on the market.

Asendium acts as the ‘guard rails’ for developing high-quality advice, and paraplanners can generate comprehensive and personalised advice, for a multitude of advice areas at record pace.

“Paraplanning is an essential service that licensees and financial planners rely on to help them service their clients. At Asendium, our mission is to help every eligible Australian access high quality, affordable financial advice, and this starts with streamlining the advice production process for support services – primarily with the paraplanning industry,” Asendium CEO Scott Miller said.

“Through our deep integrations and Statement of Digital Advice (SoDA) system, Asendium is on its way to becoming the market leading financial planning software that will power the advice landscape of the future.”

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Scott Miller

In a ground-breaking move, Asendium, a tech-disrupter, has partnered with LML Insurance Group, to offer an industry-first; reduced PI premiums for AFSL holders who use Asendium for their advice production. This step forward aims to address the escalating issue of increasing PI insurance premiums facing many AFSL holders.

LML’s Managing Director Bryan Leibbrandt states, “the data suggests Professional Indemnity insurance costs have increased over 75% between 2019 and 2022, and although it is leveling off somewhat with additional capacity coming into the market, we are still seeing pockets of increases. Attributing factors, such as clients’ risk profiles, fraudulent claims, poor underwriting results and a surge in claims, have seen Australians becoming increasingly litigious. We see the robust compliance system that Asendium has created as a positive for Insurers, because it creates an environment of tangible transparent business processes and procedures with diligent communications and record keeping.”

Asendium’s CEO, Scott Miller advocates, “Asendium provides the flexibility for AFSL’s to limit the scopes of advice and strategies available down to the individual adviser level, while tracking every input into the system to minimise errors and streamline the process. By leveraging Asendium’s capability to configure compliance wording and frameworks, it allows for guard rails to be inbuilt into Asendium defined at a licensee level.”

“The PI Insurer, through LML, is confident that the advice produced will be enhanced to meet compliance and regulatory requirements, while lowering their risk of claims, and improving defensibility given the architecture of the Asendium solution”, Bryan Leibbrandt added.

“At Asendium, our mission is to help every eligible Australian access high-quality, affordable financial advice and to empower the financial planners in doing so. This starts with streamlining the advice production process for financial planners and providing the guard rails for AFSL’s to manage their compliance responsibilities with confidence through Asendium”, Scott Miller said.

The tripartite relationship between the Broker, Insurer, and Asendium, provides a solution to the financial planning industry with sound advice, robust compliance, and backed by an insurer with a focus on sound underwriting and claims deliverables.

LML Insurance Group’s Managing Director, Bryan Leibbrandt, has confirmed “any Licensee Groups engaging Asendium for their compliance product may be eligible for a reduction up to 20% off the insurer’s standard Professional Indemnity rates”. This exclusive offer is arranged and facilitated through LML Insurance Group.

The partnership between Asendium and LML Insurance Group revolutionises the financial planning industry by offering reduced professional indemnity premiums to AFSL holders who leverage Asendium’s financial planning software. This collaboration enhances compliance, reduces risk, and empowers financial planners to provide high-quality, affordable advice to Australians. Asendium and LML Insurance Group are committed to driving positive change and shaping the future of the industry through innovative solutions. Together, we can pave the way for streamlined processes, improved defensibility, and increased efficiency, setting a new standard for excellence in financial planning.

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Scott Miller

Financial advice disruptor Asendium has announced a strategic partnership with Enzumo, an Australian specialist financial planning software customisation business with a national licensee customer base.

Asendium continues to transform the way financial advisers deliver advice, through a dynamic platform that is simple to use, easy to learn, and achieves a significant cost reduction in producing advice for everyday Australians.

Through the partnership with Enzumo, Asendium clients will have access to a detailed and compliant Statement of Advice (SoA) document that is linked to their Asendium account. For licensees, this provides a single SoA that is manageable through Asendium for their planner base at a fraction of the cost of traditional SoA management. For those that require a customised option, Enzumo can build and maintain their SoA template through the Asendium platform.

“Asendium is laser focused on streamlining the advice delivery process, and the SoA is a huge part of that,” Asendium CEO, Scott Miller, said. “The Enzumo template creates a living document that is updated dynamically to reflect regulatory change and works for any financial adviser or licensee. It is high-quality and far more straightforward than the SoAs currently being used by advisers.”

As Asendium is CRM agnostic, this partnership will enable Enzumo to service existing XPLAN users. Asendium customers who utilise XPLAN will also be able to work with Enzumo on its specialist workflow design service.

“At Enzumo we believe this strategic partnership allows us to be a key part of delivering the next stage of financial advice technology,” Enzumo National Account Manager, James Blanton, outlines, “We currently work with many advice businesses on how they can create efficiencies utilising and managing their own XPLAN sites, and through our partnership with Asendium, we will be able to complement this by allowing every Asendium user access to world-class financial advice templates, and offering our consulting services where they may need help on XPLAN or other parts of their tech solutions.”

Asendium acts as the ‘guard rails’ for developing high-quality advice, and advisers can generate in-house, next day comprehensive and personalised advice – for a multitude of advice areas in combination with generating fact finds, strategy papers, and Statements of Advice.

“At Asendium we see this partnership being able to deliver efficiency and cost benefits for adviser and licensees alike in managing their businesses,” Miller said.

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Scott Miller

Asendium, a tech-disrupter of the Financial Planning industry, are proud to announce they have partnered with National financial advice group FYG Planners as a key supplier of advice software that enables financial planners to deliver same day advice.

Asendium continues to transform the way financial planners deliver advice. Its dynamic platform is simple to use, easy to learn, and delivers a significant cost reduction in producing advice for everyday Australians.

Financial planners under FYG’s license will be able to access their approved Statement of Advice (SoA) through Asendium’s Statement of Digital Advice (SoDA) system. This allows FYG and individual financial planning businesses to tailor the SoA to their specifications, in a fraction of the time and cost compared to traditional means on the market.

Asendium acts as the ‘guard rails’ for developing compliant advice, and financial planners can generate in-house, same day comprehensive and personalised advice – for a multitude of advice areas in combination with generating fact finds, strategy papers, and file notes.

“At Asendium, our mission is to help every eligible Australian access high quality, affordable financial advice. This starts with streamlining the advice production process for financial planners,” Asendium CEO Scott Miller said.

“Through our deep integrations and Statement of Digital Advice (SoDA) system, Asendium is on its way to becoming the market-leading financial planning software that will power the advice landscape of the future.

FYG Planners General Manager Andrew Wootton said the partnership with Asendium further underlines FYG’s commitment to supporting advisers with quality technology solutions.

“FYG is committed to providing advisers with the tools that help them speed up and streamline the advice process so they can focus more on their clients, and Asendium delivers in both those areas.” Mr Wootton said.

“Building on top of our internally developed WealthEye CRM, the partnership with Asendium means FYG has one of the most exciting technology value propositions for advisers in the Australian advice marketplace.”

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Scott Miller

Asendium, a tech-disruptor of the Financial Planning industry, is pleased to announce its collaboration with the University of Technology Sydney (UTS) to provide UTS’ Master of Financial Planning students with hands-on experience in the field of financial planning technology.

Through this collaboration, Asendium will provide students access to its financial planning software, as well as the opportunity to attain real-world experience in creating financial advice. The goal of the collaboration is to give students a deep understanding of the industry before graduation, and what technology and skills will be needed to succeed, and how technology assists.

“We are thrilled to be collaborating with the University of Technology Sydney (UTS) to promote financial planning education and give students the opportunity to gain hands-on experience on the technology used in the industry,” said Scott Miller, CEO of Asendium. “Our goal is to give students exposure to the skills and experience they need to succeed in the industry, and we believe that this collaboration is an important step towards achieving that goal.”

The University of Technology Sydney (UTS) is equally excited about the collaboration, with Dr. Danny Yeung of the UTS Business School stating, “This collaboration will provide our students with valuable hands-on experience and expose them to the latest technology in the industry. We are confident that this will not only enhance their education, but also give them a competitive edge when they enter the job market.”

Asendium is committed to promoting financial planning education and providing opportunities for students to gain critical experience in the financial planning industry and arm them with the tools to succeed before graduation. We hope that this will inspire students to pursue careers in the field and make a positive impact on the industry.

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Heath Behncke

Financial advice disruptor Asendium has completed a capital raise and secured more than $1.1m of investment, primarily from the financial services industry.

Asendium is transforming the way financial advisers deliver advice, through a dynamic platform that creates all required advice documents at the same time, through one instance of data entry. It is designed to eliminate the manual part of advice generation, thereby creating more time for advisers to work with clients and build their business.

The capital raise closed on October 31, and was funded by a mix of institutional investors, several aligned and independent financial advisers, and private investors.

“Asendium is built as an enterprise solution and we are using the funds to grow both our technical capability, product development, and integrations,” Asendium CEO, Scott Miller, said. “As a result of the capital that was secured in recent months, we have been able to accelerate Asendium’s integrations with key complementary technologies that will help financial planners create advice more efficiently.

Holon Global Investments invested in the capital raise. The fund manager is focused on the future of investing and technology and believes that Asendium is where advice is headed in terms of efficiency, quality, and the centralisation of data, which until now, has largely been scattered throughout the suite of industry tools across various areas with no universal data capture.

“We invested in Asendium because Scott and his team have deep expertise in the challenges facing financial advisors and a passion to see their innovative solution globally scale,” Heath Behncke, managing director of Holon Global Investments, said. “They are doing for financial advisers what Xero is doing for accountants. This is the future, and we want to be part of that journey.”

“Financial planners have been calling for a solution that directly targets the end-to-end advice creation process. This is evident in their investment and involvement to build out Asendium’s reach and technology,” Miller said.

Both aligned and independent advisers also participated in the capital raise.

“Being an adviser for 15 years I have used many different methods. Asendium is compliant, efficient, and easy to use,” Cameron Forbes, from Forbes Fava Financial Planning, said. “I wanted to invest in this to be part of the solution for the financial planning industry. I saw this as a way to contribute for the next generation. The ability for Asendium to be configurable for each individual adviser and client is unique.

“The application of Asendium goes beyond financial planning; it is applicable to other industries such as accounting, mortgage broking, legal and has global application. If we can crack the nut here in Australia – which has the most difficult, convoluted compliance and regulation system in the world – we can see great appeal and penetration of this technology globally.” Miller said.

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Asendium is transforming the way financial advisers deliver advice, through a dynamic platform that creates all required advice documents at the same time, through one instance of data entry. It is designed to eliminate the manual part of advice generation, thereby creating more time for advisers to work with clients and build their business.

My Dealer Services – a consultancy business that helps financial advisers across a range of areas from compliance management to establishing an independent AFSL – provides recommendations to its members on how to drive efficiencies within their practices.

“Asendium will be at the forefront of advice efficiencies, and we are at the forefront of progressive solutions,” My Dealer Services director, Alexander Everard, said. “We know that across the more than 70 AFSLs we work with, advisers are looking for tools that allow them to more directly engage with clients, and technology really has to be that solution. Working with Asendium really is a meeting of minds, ideas and thought leadership.”

My Dealer Services provides AFSL establishment and compliance services to its customers, with compliance also a key benefit of the Asendium product suite.

“Asendium acts as ‘guard rails’ for developing compliant advice, and advisers can generate in-house, next day comprehensive and personalised advice – for a multitude of advice steps including fact finds, strategy papers, file notes and instant statements of advice –

in a matter of hours,” Asendium CEO, Scott Miller, said. “We are excited about supporting the My Dealer Services network as they look to use technology to enable the transformation of their businesses.”

“The future of financial advice is not about managing an unwieldy book of clients inherited as part of as large licensee structure. It will be about delivering a more personal and valuable services to clients, and technology allows advisers and their paraplanning teams to create the time needed to build those increasingly valuable relationships.”

Using technology effectively can help financial advisers work with more clients, not fewer as recent trends indicate.

“Importantly, as the number of advised Australians remains static at around 20%, practices using technology efficiently – and with a redeployed paraplanning team providing valuable client relationship development services – will be able to work with more clients, not fewer, with better client relationships than ever before,” Miller said.

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David Travers

Financial advice disruptor Asendium has announced it has entered a memorandum of understanding with regtech firm Fourth Line to integrate platforms and enable Asendium customers to receive risk and compliance reviews of advice documents as part of their advice delivery.

Asendium is transforming the way financial advisers deliver advice, through a dynamic platform that creates all required advice documents at the same time, through one instance of data entry. It is designed to eliminate the manual part of advice generation, thereby creating more time for advisers to work with clients and build their business.

“Asendium is focused on using technology to transform the advice landscape, and how advice is delivered to clients. Through our platform we remove vast amounts of manual work and ultimately simplify and optimise the advice creation process,” Asendium CEO, Scott Miller, said.

“Through our Fourth Line partnership we are pleased to be able to offer risk and compliance reviews to all our clients’ advice as part of their document preparation, which will be of particular benefit to small or emerging practices and IFAs. This means our clients can create advice documents faster than ever before, but with the robustness expected of leading advice firms, and consumers.”

While auditing of documents is considered a time-intensive process, the nature of Asendium’s structured data environment means an integration with Fourth Line will deliver Asendium clients same-day compliance reviews. The integration will increase efficiencies in both systems and for the overall advice creation and review process.

“Asendium removes all paraplanning costs, which on average cost advisers $500 per client. This means every adviser can have their documents reviewed before going to the client, and it will cost less than their current model,” Miller said.

“Finding ways to be more efficient is clearly a significant objective for advisers in the face or spiralling costs, but ensuring their advice is compliant remains critical. Fourth Line can provide that security for Asendium customers.”

Asendium acts as ‘guard rails’ for developing compliant advice, and advisers can generate in-house, next day comprehensive and personalised advice – for a multitude of advice steps including fact finds, strategy papers, file notes and instant statements of advice – in a matter of hours.

Fourth Line provides risk and compliance reviews of advice documents on behalf of an adviser or licensee, and focuses on reviewing documents both on quality, and content.

“Fourth Line was established in 2019 in conjunction with law firm Mills Oakley, in response to the royal commission and helps financial advisers and licensees ensure that their advice documentation is compliant before they are sent to the customer,” Fourth Line CEO, David Travers, said. “Our experience has identified that the best quality advice occurs when it is reviewed before the advice is issued to the customer, as opposed to through a retrospective review or a regular audit program.”

Fourth Line has facilitated improvements in the standards of advice for individual advisers, teams, and across licensees. Fourth Line currently works with licensees including Interprac, GPS Wealth, and Wealth Today.

“Using Asendium and Fourth Line together will create a compliant statement of advice for less than it costs most licensees today,” Miller said. “Advisers can have faster and more robust advice documents in a matter of days compared to the typical advice generation model.”

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