Cameron O’Sullivan

DASH Technology Group (DASH) has published a thought piece, Digital Advice: Redefining Accessibility, Affordability, and Scale in Financial Advice, which delves into the true nature of digital advice and its misconceptions. It aims to build trust amongst advisers by addressing the key themes facing practices today: boosting profitability, managing the intergenerational wealth transfer, engaging ‘unserviceable’ clients, the rising cost to serve, and how this solution could revolutionise financial planning.

DASH believes there is still some confusion on what the spectrum of digital advice is, with some still viewing digital advice as the robo-advice of years past. DASH believes advice falls into three omni channels: client-only digital tools, ideal for simple, self-directed advice scenarios; hybrid advice, advisers use advanced digital tools during appointments, enabling faster, more consistent advice delivery; traditional comprehensive advice, for complex client needs requiring deep technical and strategic expertise.

A key difference between earlier robo-advice models and today’s digital advice solutions is the way advisers are integrated into the process. While robo-advice was primarily designed to automate simple portfolio investments, modern digital advice tools provide a broader and more flexible framework. Digital advice solutions use advanced algorithms to deliver quality strategy advice and seamlessly connect clients to an adviser when needed – whether that’s because the client chooses to engage directly with an adviser, or because the complexity of the advice requires professional expertise.

Cameron O’Sullivan, Head of Digital Advice at DASH, shares, “Robo-advice has historically been limited to simple portfolio investments. By contrast, digital advice leverages advanced algorithms to deliver high-quality strategy advice and triage effectively to an adviser when needed.”

O’Sullivan says the most misunderstood opportunity for digital advice tools is in the area of adviser driven tools, where common advice topics can be condensed into a series of interactive screens the adviser and client can go through together, allowing a much exploration of the client’s options, and the likely benefits of each option they could take.  These tools will allow most businesses to do 50-to-80 per cent of their common SOAs in under an hour, with half of that time even being done while sitting with the client, if desired.

“Digital advice is transforming retirement planning by making it simple, accessible, and intuitive. It shows clients exactly how much income they can afford in retirement, helps them identify what’s needed to achieve their goals, and provides tailored suggestions to close any gaps. By removing the complexity of decision-making, customers don’t need deep financial knowledge to navigate confusing contribution choices. The solution integrates seamlessly into statements, websites, and educational tools, ensuring easy access at every stage. With a more intuitive and user-friendly experience than traditional advice, it not only simplifies the journey but also provides a clear pathway into full comprehensive advice when needed.”

DASH believes its singular advice engine, underpinned by advanced algorithms and designed with adviser integration in mind, combined with a unified engine capable of powering digital, hybrid, and comprehensive advice experiences on one platform, is the solution.

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Cameron O’Sullivan

DASH Technology Group (DASH) has introduced significant enhancements to Archer, its goals-based advice tool for scenario modelling and real-time client engagement.

In addition to Archer’s existing capabilities, Self-Managed Super Fund (SMSF) capabilities have been enhanced.  A dedicated tool has been added to help explain and evaluate a potential or existing Limited Recourse Borrowing Arrangement (LRBA). This tool will help evaluate the benefits of the LRBA, its impact on cashflow, and the point in time the SMSF is projected to run out of liquid assets over the projected period. This is a valuable resource for those considering an LRBA as part of their investment strategy.

These enhancements will also allow the optional modelling of a working account and different portfolios of assets within the SMSF, with each portfolio having its own rates of return, fees and liquidity characteristics.

Cameron O’Sullivan, Head of Product – Digital Engagement at DASH, comments “We’re confident these enhancements will make managing your clients’ SMSFs more efficient and insightful than ever before. When you combine these new features with the existing goals-based modelling, the value-add to the client experience is ten-fold.”

“The difference with this tool is it is an optimiser, not a calculator that requires a human to determine the specific details of a strategy, like the exact dollar or pre- and post-tax contributions required for the clients, for every year of the strategy. An optimiser only needs to know how much surplus income to allocate to the retirement goal, it uses an algorithm to do the rest.”

Further, earlier this year The Value Gap report by Effortless Engagement highlighted the disparity in clients’ confidence in advisers reaching their goals, only 57% are confident that their adviser is capable of meeting their goals, while advisers are 92% confident. Resolving this issue is paramount in growing the number of Australian’s that are advised, as well as maintaining current client satisfaction.

“Tools like Archer, which can be used in front of the client to model various scenarios and goals, showing the client right then and there the value of advice.” O’Sullivan states.

He continues, “Archer is designed to show the benefits of a particular strategy the adviser might be considering on-screen in a couple of minutes.  It aims to eliminate hours of paraplanning, and to enable the adviser to deal with a lot more ‘what if’ style questions from their client on the spot, showing them the impact of such a change.”

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Kevin Liao

ROAR Software has expanded its digital solution footprint, acquiring Archer to provide financial advisers with a client engaging lifestyle goals and milestone planning application.

Archer optimises the goals-based advice process, from the initial meeting visually transforming the clients agreed goals with the  financial adviser  to an executable plan. This creates a more immediate and satisfying experience where the adviser and the client agree on the strategy and Archer devises the strategy to get there.  It also then shows the value of advice over time in a way that has not been done before.

Goals-based financial planning is an interactive process that explores the client’s current position, sets meaningful goals, tracks progress and shows the value of advice with an emphasis on achieving outcomes as opposed to investment performance. Archer also enables clients to engage differently and engage more intuitively with their clients.

By using Archer, advisers can focus on engaging with the client and helping them set their goals instead of focussing on investment performance which can be affected by market volatility and legislative changes, factors which are beyond an adviser’s control.

Developed in response to adviser demand, the Archer technology leverages  ROAR Software’s Highlighter tool, fully integrating with Roar’s Dynamic SOA and ROA’s. Also, as part of this partnership, Archer founder Cameron O’Sullivan will join ROAR Software as Head of Product.

“Archer transforms the advice process by building a tailored goals-based strategy to optimise and explain to the client the strategy, as opposed to a 200-page document where the answers are buried somewhere in it,” said O’Sullivan.

In response to the operating environment, over the past few year advice practices have been reviewing their partnerships and assessing the way forward for their businesses. Clients are also reassessing their lives and lifestyle planning and want to be more involved in the process. These trends have converged to create a transformational period in advice and the way it is being delivered.

“Advice businesses are reviewing how they want to deliver their value propositions in this new era of advice,” said Kevin Liao, CEO ROAR Software. “ROAR Software is assembling a suite of solutions where advisers can pick and choose what they need to deliver advice in their way that is suitable for their clients.”

Archer is available on ROAR Software’s Adviser Marketplace, an agnostic software space where financial advisers can house solution they choose to work with and do so in a highly efficient and effective manner. “We are in a new age of advice where smart solutions and good customer service reign supreme. ROAR Software wants to partner with advisers to provide them the support they need to thrive.”

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