Merit Wealth (a part of Easton Investments Limited group along with GPS Wealth) is replacing its existing self-managed super fund (SMSF) advice application with Seido, recently releasing it to its 400 strong network of accountants with limited SMSF authorisations nationwide.

According to YTML chief operating officer Piew Yap, the power of Seido is its ability to allow businesses to differentiate their value proposition to clients and its deep connectivity between financial apps which can significantly cut the cost of doing business.

“We are excited to have an innovative group like Merit Wealth using Seido,” he said. “Since Seido’s launch in October last year, the number of users has increased steadily, now exceeding the 700 mark. We anticipate continued strong growth in both user numbers and app partners over this calendar year.”

“With increasing regulation and higher client expectations, the most successful advisers will be those who have the technology that empowers them to efficiently deliver outstanding advice,” said Grahame Evans, executive director, Easton Wealth.

“We made a decision to move to YTML/Seido platform because it is a truly integrated solution that will enable our network to be more agile while maintaining compliance with their obligations both from a quality advice perspective and a recordkeeping perspective.”

He added: “Seido does not allow a final SOA to be produced until we have vetted the document and tracks all versions and inputs ensuring a compliance trail is created. Importantly, it’s integrated CRM ensures the proper record keeping for advice files separate to any accounting files.”

YTML’s focus is on deeply integrating third-party fintech solutions into Seido, giving users the choice and flexibility to build their own integrated financial ecosystem from a range of fintechs.

Following the successful launch of Seido, YTML has announced it is expanding its team with the appointment of Helen Thom to Head of Distribution, bringing more than 20 years’ experience in the financial services industry to YTML.

Thom previously spent four years at financial services technology provider Midwinter Financial Services where she was most recently General Manager, Distribution. In her time at Midwinter, Thom was Head of Distribution and a Senior BDM in 2015.

Prior to this, Thom held roles at Ignition Advice (previously Ignition Wealth), Decimal, AMP, AXA and RetireInvest.

Thom has worked with a range of stakeholders including dealer groups, practices, advisers and accountants to deliver technology solutions to improve and strengthen their business efficiencies and processes.

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Marc Bineham

The inaugural Your Money and Your Life (YMYL) Expo, due to kick off on Friday November 9 at the International Convention Centre, Darling Harbour has come at a perfect time to help people through what is shaping up to be a tough financial stint.

“It is a scary time for our economy, a rollercoaster share market, falling property market, credit squeeze from the banks, not to mention low wages growth,” said YMYL Host David Koch. “YMYL is a free two-day festival of finance with great finance and investment experts on hand, happy to answer anyone’s questions and give people guidance.”

A joint initiative of the Association of Financial Advisers (AFA)’s Your Best Interests (YBI) program and David Koch’s Pinstripe Media, the YMYL Expo will run for two full days, Friday 9 and Saturday 10 November, offering a range of sessions aimed at helping Australians at every stage of life.

“This is not just an expo for the rich,” David said. “Whether you are a millennial starting out, a family trying to make ends meet, a retiree hoping you don’t run out of money while leading a lifestyle you want, there truly is something for everyone.”

David and Libby Koch will be speaking on Saturday 10 November, sharing their insights into Money Makeover, the four-week course they designed for people to save better, spend better and invest better.

AFA National President, Marc Bineham, said other sessions at the expo will cover issues like sorting out debt and helping kids understand money, all the way through to shares, property and retirement. “Via a fun, entertaining and interactive educational program, YMYL is designed to ignite greater interest in money and empower more people to take better control of their financial future.”

People who register to come along to the YMYL Expo can go into a draw to win a holiday package for two staying at the RACV Royal Pines Resort on the Gold Coast with a total prize pool value of $3,000. The prize includes:

• 3 nights accommodation
• 2 person spa accommodation voucher, including breakfast
• Return economy saver flights to Coolangatta

Authorised under NSW permit number: LTPS/18/29270 Terms and conditions download. Register here.

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Kevin Liao

YTML will officially open the Seido Financial Advice App Store at the Association of Financial Advisers (AFA) Conference on the Gold Coast this week.

YTML CEO, Kevin Liao said Seido, which has already attracted various providers including SuiteBox,  AstuteWheel, Omnium, ChantWest and customised offers, enables Apps which have been designed for each stage of the financial advice process to work together to create client-friendly, succinct and compliant advice documents in a fraction of the time it currently takes.

“In this sense, the Seido App Store moves beyond what we traditionally think of when we think of App stores,” Mr Liao said. “It is designed to not only act as a central location where advisers can access Apps they need, but also as a seamless connector of those tools and importantly, an efficient creator of advice documents. Seido is therefore not just an aggregator of advice technologies, but also of advice processes.”

The documents produced by Seido incorporate client engagement design principles and were developed in response to feedback from licensees and practices that advice documents are unwieldy, take too long to produce and are not easily understood by clients.

“With one sign-on, the Seido App Store allows licensees and advisers to select tools in the store that they believe represent best practice, and at the end of the process receive documents their clients are more likely to read and comprehend,” Mr Liao said. “We encourage both advisers and technology providers to meet with us at the Seido stand at the AFA Conference to see the App Store in action.”

YTML’s Terri Ho will also host a panel focus session at the AFA Conference on Transforming the SoA Experience, with special guests Dr Hillary Ray, Senior Regulatory Financial Services Lawyer and Partner with Cowell Clarke, on advice document compliance and Sue Viskovic, Managing Director of Elixir Consulting on what advisers and clients need from advice documents.

Transforming the SoA Experience is on Thursday 11 October in the Norfolk Room at RACV Royal Pines from 11:15-12:00 noon

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Terri Ho

Customer take up of life insurance advice could be adversely affected if Statements of Advice (SoA) for life insurance do not take a more balanced approach to the information they communicate.

This is the feedback YTML General Manager Advice Delivery, Terri Ho submitted to the Australian Securities and Investments Commission (ASIC) on the example SOA provided in Consultation Paper CP 284, which YTML say does not prioritise the information consumers are most looking for, the advice.

‘We believe the disclosure of commissions is over played in its current position in the SOA. This represents too much focus on remuneration.’

Further: ‘One of our key suggested improvements is to change the positioning of the commission disclosure and to have the document lead with the advice, as opposed to leading with payments.’

YTML argues the Life Insurance Framework and Best Interests obligations are designed to provide greater transparency and disclosure, to help the customers assess the value and cost of the advice.

It states these reforms are designed to improve the perceptions of the financial planning industry as a trusted profession.

‘That is why it is important to prioritise the message of value of advice followed by remuneration,’ the submission states. ‘So, as an industry we focus on the difference advice makes and not price the service in the SoA before the value is communicated.’

YTML has suggested focus groups with quality financial advisers would have shown ASIC the importance of communicating the value of advice followed by remuneration. It advocates the payment disclosure is moved from page one to page three under Summary of Recommendations.

‘This would still ensure disclosure is sufficiently prominent but is also provided with context to the value this cost brings to the customer.’

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Kevin Liao

The advice industry will struggle to take the next major step in its evolution unless more innovative solutions are delivered to market.

According to YTML CEO Kevin Liao, this will require technology providers to come together, collaborate and solve the operational frustrations that have characterised the advice industry for far too long.

“Collaboration starts with providers being receptive to the notion that we need to work together. We then need to have an open dialogue and challenge ourselves on how we can leverage our respective complimentary strengths to create solutions that makes it operationally easier to deliver advice.”

YTML is a software agnostic service provider, working with the advice industry to solve its software challenges. It is in this capacity that YTML sees the software landscape from a unique standing point.

“We work with clients to enable their difference through better utilisation of the software deployed within their business. This solution therefore doesn’t simply mean more technology, just better use of it.”

Liao says the development of more agnostic software providers such as YTML will help to reduce the prevailing silo mentality of software providers, which in turn, will go a long way to improving the customer experience delivered by the advice industry.

“There is such an opportunity right here, right now for this industry to take a huge step forward. I encourage all players, large and small, to look at the big picture and be part of that movement.”

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Kevin Liao

Advice solution and tech provider YTML is calling on advisers to extract more value from their relationship with their software by working in partnership with it.

YTML is software agnostic, working with a range of software providers so as to deliver the best solutions to the adviser or licencee.

YTML CEO Kevin Liao said it is in this capacity as problem solvers for their advice clients, that they often hear frustrations about the software.

“It is a common problem in our industry, that with limited training, many advisers aren’t equipped in understanding how to get the best out of their software. A little bit of knowledge can be a dangerous thing, so advisers need to understand how they can optimise software for their business.”

In this way, YTML is calling for the advice industry to be more proactive in thinking about how operational efficiency can be improved by partnering with software.

“Productivity and efficiency are the real losers when it comes to working with software that leads to frustration. As an industry, we need to really focus on this issue and solve this problem if we are to progress in delivering a great customer experience.”

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Kevin Liao

YTML welcomes the announcements made overnight in the Federal Budget regarding the Government’s commitment to create an environment where fintech businesses can flourish in Australia.

According to YTML CEO Kevin Liao, the backing by the Government to help position Australia as a world-leader in innovation and FinTech, reinforces its own philosophy to actively work and collaborate with other fintech providers to deliver great business solutions.

“We want a robust, innovative and dynamic Australian fintech industry so it can work with the Australian financial services sector,” he said.

“The measures announced overnight by the Government to extend crowd-sourced equity funding and to enhance the regulatory testing of products and services without a licence including the provision of more holistic financial advice, are strongly aligned with our own philosophy to encourage new entrants, to collaborate and partner, to create the best solutions for the Australian financial services industry.”

Both measures will reduce regulatory hurdles which have often stifled new businesses trying to develop innovative financial products or services, pushing Australian fintech talent offshore.

“YTML has built a solid reputation as being a provider who can see the big picture, focus in on the key issues and meet challenges head on,” said Liao. “We are so excited to be part of a progressive and healthy fintech industry.”

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Kevin Liao

Technology and advice solutions provider, the YTML Group (YTML) has been recognized as market leaders by being named finalist in three categories – Software Innovator, Compliance Innovator and CEO Kevin Liao for Fintech Entrepreneur of the Year.

Speaking at the awards ceremony on Friday night, held at the Ivy Ballroom in Sydney, Liao said being a finalist in these three categories demonstrates YTML is at the pointy end of fintech innovation for the Australian financial services industry.

“We want to help the financial services industry be better by building and creating bespoke solutions that solve their business challenges,” he said. “This is a mission and we have a solid track record in now delivering on this.”

In 2010, Kevin co-founded YTML Consulting, servicing advice and technology professionals and earning the business the reputation as technology enablers in the financial services industry.

YTML Group as it is now known, employs more than 30 people, servicing mid-tier and major financial institutions across Australia. Its success continues to grow on the back of its market reputation for delivering effective and efficient business solutions.

“YTML’s ability to collaborate and solve challenges in the financial services sector set it apart,” said Liao. ““We do not believe technology in itself, is a solution. “It requires a partnership between people and technology to create magic. “

The IFA Fintech Business Awards recognised a number of YTMLS’s products – Staple, Canvas, Highlighter – and its partnership with Business Blades.

• A compliance product, Staple solves AFSLs operational burden to produce compliant advice documents. Staple addresses the ‘who, what, when, where and how’ issues of regulatory change for AFSLs as well as the related version control issue that comes with change.

• Canvas is a client engagement platform that enables AFSLs to streamline, bulk manage and audit all the Internet websites it owns. These can include many such as dealer group public website, adviser portal, practice website, corporate super member sites and client portals.

• Highlighter is a very flexible software program. It automates software development and directly addresses the challenges practices faced in converting Excel files into software, including testing, low margins and vulnerability to human error.

• Meanwhile, YTML’s collaboration with Business Blades gives advice practices direct access to technological solutions that partner with the findings of the diagnostic analysis conducted by Business Blades, to create an end-to-end solution.

Together the above products and services give YTML the ability to solve advice, compliance and software challenges so businesses can move forward in their growth and sustainability plans.

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Former Enzumo Head of Business Solutions, Francis Cheung, with over 20 years advice and technology experience, will head up YTML’s Advice Innovation and Solutions; former Enzumo XPLAN Systems Technician, Carmen Lee, joins as Business Solutions Consultant and Damian Murphy joins YTML as Principal Consultant, after 20 years with BT Financial Group.

YTML CEO Kevin Liao says the appointments were necessary given strong demand for YTML products and services, in particular an increase in confidence in YTML’s XPLAN services.

“We have been working consultatively with advice businesses of all sizes, from the largest to the smaller boutique advice businesses, providing them with comprehensive XPLAN solutions to meet their business needs,” he says.

YTML’s XPLAN solutions include advisory services in advice document and process design, project management, best of breed advice document solutions (full to reviews), workflows, training and adoption of administration and datafeeds.

“Our innovative XPLAN best of breed solution is practical, simple, user-friendly and fast, helping to strengthen governance and improve client engagement,” Mr Liao says. “This translates to improved profitability because it reduces the cost of providing advice and service to clients and facilitates scale.”

Mr Liao says YTML is also enjoying sustained demand for its Highlighter product, which brings to life the technology innovation of mid-size and institutional dealer groups.

“Our partnership with SuiteBox last year has transformed the collection and review of data and the scheduling of adviser/client meetings and is also proving popular,” he says.

Mr Liao says YTML clients value YTML’s alliance with BusinessBlades which gives licensees and practices direct access to technological solutions that marry up with diagnostic analysis to create end-to-end solutions.

“Over the past six months YTML has continued to help solve the challenges that licensees, advisers and their business networks face in making advice better,” he says. “Via technology, we want to enable dealer groups and practitioners to make the breakthroughs the industry needs in order to become a trusted profession. The appointment of these highly experienced professionals to our team will help us continue to deliver on that promise.”

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Piew Yap

YTML has partnered with risk technology specialist Omnium to deliver streamlined and efficient life insurance software to advisers.

YTML will act as Omnium’s platform provider, servicing and supporting the insurance software and further expanding its strong supporter base of advisers.

“We are delighted Omnium has chosen us as their platform provider,” said YTML COO, Piew Yap. “We want to challenge the industry on how it thinks about and uses technology in terms of an efficiency tool and Omnium supports this goal.”

Omnium offers advisers a tool which they can put on their website to provide visitors with quotes on life insurance. A customer can enter some personal details and a suggested amount of cover and a list of products will be displayed. Customers can then choose to make an inquiry via the adviser.

“Using the software therefore helps generate warm leads and improve efficiencies,” Mr Yap said. “Much of the work is already done in terms of collecting static information such as a customer’s age, occupation and income which means when an adviser sees the customer, they can focus on helping them settle on the right amount of cover and selecting the best product rather than on mundane data collection.”

Omnium founder and director, David King also welcomed the partnership. “We have worked with YTML for some years now and have trust in their capabilities to take our tool to the next level and provide advisers with incredible value.”

The partnership with Omnium supports YTML’s desire to build, support and provide flexible and adaptive solutions to advisers and its commitment to helping the industry take advice to more Australians.

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