Daniel Gara

FinaMetrica, the pre-eminent global provider of risk tolerance assessment tools, has announced an integration with AdviserLogic, Australia, provider of cloud based client relationship management (CRM) systems for financial advisors.

The integration will allow advisors using the AdviserLogic CRM to quickly and accurately assess a client’s risk tolerance score via both FinaMetrica’s 25 and short 12 (soon to be 10) question psychometric risk tolerance profilers. AdviserLogic CRM users can launch FinaMetrica directly from a contact record from January 1, 2018. Joint webinar sessions will shortly be announced.

AdviserLogic Group’s co-founder and CEO Daniel Gara said the deal with FinaMetrica “allows our mutual advisors the ability to streamline delivery of their risk profiling tools to clients as well as to monitor risk tolerance directly from the AdviserLogic CRM. The ability to simplify the delivery of Client Risk Assessments and sync data with AdviserLogic CRM can only enhance conversations surrounding client suitability.”

Paul Resnik, FinaMetrica’s co-founder, said that advisors will now be able to offer best practice risk profiling to their clients.  “We believe this integration will appeal to advisors and advisory networks seeking a valid, reliable and defensible suitability process. FinaMetrica has been at the forefront of risk profiling for almost 20 years. Our system has been tested and proven accurate through several market corrections by thousands of the world’s best financial advisers,” he said.

“Our subscribers want us to integrate with other main stream service suppliers. This is the first through our new application program interface (API) in Australia, which allows AdviserLogic to link directly to FinaMetrica’s website to synchronise client data. We are working on several other integrations which we will be announcing shortly.”

FinaMetrica’s risk report allows investors to see how they have answered questions differently from the hundreds of thousands others who have also completed the profile. The ensuing conversations with advisors provides an easy platform for those using AdviserLogic to explore any mismatches between the risk the investor needs to take to achieve their goals and risk tolerance.

In 2016, FinaMetrica unveiled a collaboration with portfolio stress tester RiXtrema of New York, which allows advisors to directly link their clients’ FinaMetrica risk tolerance score to their portfolios. FinaMetrica also has integrations in place with MoneyGuidePro and IPSAdvisorPro in USA, and Prestwood and Voyant in the U.K.

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Daniel Gara

Adviser software firm, AdviserLogic, is first to the market with a LiveChat support facility for advisers and paraplanners to more conveniently connect to assistance during and after business hours.

“It’s surprising that it has taken the industry so long to meet the demand for out-of-hours contact between service providers and advisers. While we all aim for our services to be intuitive, that is no comfort if you are finishing an SOA late on a Friday evening and you just can’t get the outcome you want,” said Daniel Gara, Head of Product Development.

The demand for this online access is expected to mainly assist with users:

• who need real-time assistance, but don’t need to phone in
• looking for help after-hours
• who need a record of what they’ve learned, but find that email lacks convenience

“AdviserLogic offers LiveChat support service which will run until late each work-day evening. Having system-specialist support staff in another geographic location enables us to deliver a longer timeframe of support in the working week.

“LiveChat was built after the success of existing support resources including HelpLine, HelpCentre (library of instructional articles) and an instructional video library on YouTube which has operated for three years,” said Mr Gara.

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David Smith

AdviserLogic has announced that Mr David Smith has been appointed as a consultant to the AdviserLogic Group. Mr Smith will be appointed to the Board as a Non-Executive Chairman in due course.

Mr Smith is a well-respected industry figure in accounting, software development and financial services circles; having created a successful software business including a leading SMSF administration platform that was sold to Solution 6 (now part of MYOB) in 1999.David also spent a number of years on the Board of CountPlus and was briefly CEO of Class Limited prior to its recent IPO.

He is currently also assisting a range of companies as consultant, Non-Executive Director or Non-Executive Chairman. Mr Smith was formerly Managing Partner of PKF (now BDO), Sydney and is a past President of the Institute of Chartered Accountants in Australia (now Chartered Accountants Australia+New Zealand). He was also an investor in and Non-Executive Chairman of a Life Risk Licensee that has since been absorbed into Macquarie Group.

“We’re honoured that a person of David’s calibre has agreed to take on this very important role as we systematically move to the next level of corporate development; building on our more than eight years of success to date.

“His expertise as a ‘steady and experienced hand’ will be critical to the AdviserLogic Group as we take advantage of the restructuring, disruption and aggregation that Financial Services and Accounting are experiencing at present and over the horizon,” said Daniel Gara, Head of Product Development, AdviserLogic.

Mr Gara believes that emerging specialist firms such as his require deep market experience from the likes of Mr Smith, as much as it needs the best software programmers.

“Much discussion in our industry has been around the effects of FOFA, the demise and (we believe) resurgence of boutique players and rise of the bank models. No one foresaw that FOFA would encourage more non-aligned players, no less than that some banks would be selling off insurance businesses and streamlining their services back to branch level.

“You need deep market knowledge and experience to navigate these types of changes,” said Mr Gara who is also a director of AdviserLogic.

Mr Smith will focus on Strategy and Governance for AdviserLogic as well as assisting with reviewing M&A prospects in the marketplace.

“A casualty of the post-FOFA market will be small or even mid-sized players that just offer similar services that are available down the road or over the internet. We see opportunities energing from consolidation and, conversely, further disruption amongst product and service suppliers,” said Mr Smith.

Mr Gara expects to be announcing more senior appointments to the firm shortly.

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Daniel Gara

Leading technology provider AdviserLogic has announced the launch of AdviserLogic 2.0, unveiling a host of user interface enhancements to be implemented over coming months.

AdviserLogic Head of Product Development Daniel Gara said the enhancements include a complete redesign of the Adviser Home and a revamped Client Home. “We are always conscious of changing adviser needs and are very sensitive to their feedback,” he said. “AdviserLogic 2.0 therefore has both increased functionality and a more modern, fresh look. Our thinking is that the easier to use we make our software, the more time advisers will have to do what they do best – spending time with clients and building relationships.”

AdviserLogic 2.0 has met with very positive feedback from advisers who have previewed the updated features.

Director of Wealth Elements Dean Van Zyl says the improved design helps his practice easily manage a range of functions, from daily tasks to reviews and fee disclosure.

“Being able to customize segmentation shortcuts and easily navigate between key management tools has made the organization of tasks easier and less time-consuming,” he said. “If these enhancements are a reflection of what is to come, then having this software at our disposal will only increase productivity within our business.”

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Daniel Gara

AdviserLogic is heeding a call from financial advisers for greater software integration by publishing its Application Programming Interface (API). The API allows third-party software applications to both add and take AdviserLogic data and responds to a key theme identified in Investment Trends research.

“Recent Investment Trends research revealed that 88% of advisers surveyed are seeking integration enhancements that benefit their businesses,” said Recep Peker, Head of Research, Wealth Management with Investment Trends.

AdviserLogic’s Head of Product Development, Daniel Gara said, “We have long been able to integrate third party applications into our solutions and now, with the publication of our API, others can integrate their solutions with AdviserLogic, without referring back to us.”

Mr Gara said what this means for advisers is that if they have a tool and want to use it with client data that’s inside AdviserLogic, they can. “What we have created is an open system. Users can now send a message to our server which sends data back to them or, conversely, sends data to us. The API ensures data is encrypted both ways.”

The focus, he said, is on making the experience as flexible as possible and in the process improve efficiencies. “We want our users to enjoy what we offer, if they think it’s right for them,” he said. “Different advisers will want different features but the ultimate aim is always increased efficiency – that’s the whole point of employing fintech and robo-advice.”

Mr Gara said that in publishing the API, AdviserLogic had to learn to ‘let go’. “The fact is, we don’t need to be intimately involved in everything our users do with the technology we provide to them and if we try to control the way they use it, we may be stifling our own development – because some people might use our technology in ways we haven’t even thought of. So, bottom line, if our users want to do something different, we won’t stop them.”

AdviserLogic will also be extending functionality to other companies in the fintech space. “It’s how every modern app out there in the world outside our own already operates, it’s the way of the future for financial services technology and frankly, it is the way all technology providers in our space should be doing it,” Mr Gara said.

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Daniel Gara

AdviserLogic has launched an upgrade of RiskLogic, its life insurance quoting and comparison module, with a fresh and modern user interface redesign and new data provided by Rice Warner.

Two key enhancements are the inclusion of legacy product research as well as quoting and research on more than 1,200 insurance products in the group, platform and industry fund space. The new dataset from Rice Warner allows advisers to compare the features of a client’s legacy policy with a recommended product in order to simplify and speed up SoA preparation.

AdviserLogic’s head of development Daniel Gara says the upgrade allows advisers to provide their clients with trusted, qualitative information to help explain to clients how product features differ and why one product may be better for them than another.

“The enhanced analysis allows advisers to identify feature-based strengths and weaknesses and it’s all right at their fingertips,” Mr Gara said.

Alastair Adamson, Consultant Rice Warner said, “We are pleased to be working with AdviserLogic on this exciting update. Rice Warner has been working in the Australian insurance industry for three decades, and we pride ourselves on the breadth, depth and accuracy of the insurance data. Our staff have a depth of knowledge of Retail Insurance, Group Insurance and Superannuation that allow us to keep at the forefront of research.”

Other features of the revamped RiskLogic include multi-life discounts, adjustment of premiums for commission rebating, flexi-linking and optimisation and premium projection.

Ashleigh Jaremyn, Head of Technical & Software at My Planner Australia which uses RiskLogic said, “This new AdviserLogic development provides a fantastic, easy-to-use comparison tool for those advisers providing risk advice. It is wonderful to see a software provider continually progressing their software to help advisers in what they do.”

AdviserLogic was the winner of the Best Value for Money Award and Ease of Use Award in the 2015 Investment Trends Planner Technology Report.

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Daniel Gara

AdviserLogic has added more features to its software solution; a bulk Record of Advice (RoA) solution and enhanced functionality for its risk comparison system, RiskLogic.

AdviserLogic head of product development, Daniel Gara said the bulk RoA solution enables the software to detect when clients’ portfolio asset allocations have drifted away from strategic asset allocations. Advisers can also automatically run a bulk RoA for portfolios that have fallen outside their strategic asset allocation bands.

“In just a few seconds, AdviserLogic generates the records of advice needed to recommend portfolio rebalances back to reflect the model portfolios that match the clients’ risk profiles,” he said. “Alternatively, if advisers want to adjust particular assets, they can change the model portfolio and run a bulk RoA across all of the clients requiring it. It will automatically create a file note and then generate the document ready for sending.”

AdviserLogic is also enhancing its risk comparison system, RiskLogic and has added extensive research to reflect several new trauma definitions for new types of cancer as well as deeper levels of research across most research points.

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Daniel Gara

Financial advisers using AdviserLogic software can now incorporate transactional components of advice into their broader service proposition and still keep the personal touch, thanks to a new Super Rollover feature (Super Rollover).

AdviserLogic head of product development, Daniel Gara, said Super Rollover is a form of robo-advice that performs mundane functions which advisers cannot charge significant fees for, making it easier for them to compete with industry funds and like businesses.

“It enables rollover of a client’s existing super funds into an adviser selected super fund, which then automatically selects a model portfolio that matches the client’s risk profile,” he said. “It then runs an analysis comparing the features and fees of the relevant superannuation funds.”

Mr Gara said Super Rollover helps simplify the compliance process, which is good news for advisers and licensees. “It recommends a model portfolio which is directly in line with the client’s risk profile. It then compares features and fees of the old and new super funds and underlying investments. Statement of Advice generation is the next step.”

If the adviser selected fund is chosen, the rollover process can be completed within seconds, but the adviser also has full capacity to alter anything in line with the client’s objectives – including the fund. “If the client doesn’t want to roll the full amount of funds over, or this is not appropriate, the adviser can leave some funds in place. There is also capacity to change some or all of the underlying investments. Anything can be altered,” Mr Gara said. “We have ramped up our data from SuperRatings to reflect the needs of Super Rollover and our users are really happy with it.”

For insurance within super, Super Rollover allows the adviser to complete a comparison of insurance premium projections that are based on a combination of gender, age, occupation and sum insured. “The adviser analyses how much the client needs and Super Rollover compares the premiums and features available in the existing superannuation funds with those available in the recommended funds.”

Mr Gara said Super Rollover, which will be further enhanced over the coming months, reflects the benefits of robo-advice.

“The features we are creating make processes very efficient and cost-effective. They streamline and simplify the production of documentation without compromising the content,” he says. “This is essential in the new world of advice – a world where advisers can focus on doing what they do best, and that is relating with their clients on a personal level, explaining complex strategy and working out exactly what the client needs from the advice process.”

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Daniel Gara

Licensee MyPlanner Australia has chosen AdviserLogic to provide technology solutions for its new planners and has also begun roll out of AdviserLogic solutions to its existing planners.

AdviserLogic head of product development, Daniel Gara, said 50 MyPlanner Australia users have implemented AdviserLogic solutions since the decision to implement was made in September 2014. “We understand there are both complexities and opportunities involved with providing advice in a changing industry, and MyPlanner Australia has acknowledged the importance of software in making it as simple as possible for planners to provide quality, compliant advice to their clients,” he said.

MyPlanner Australia managing director Philippa Sheehan said one of the factors in the decision to implement AdviserLogic solutions was the introduction of the Licensee Console and Licensee CRM functions, announced last month.

“We needed a software provider that was prepared to work with us and our planners to make the supervision and monitoring of our authorized representatives easy,” she said. “In addition, the AdviserLogic tools continue to be enhanced, ensuring advice documents for planners are easy to prepare. It is a fantastic dual solution for both licensee and planner.”

Early this year, MyPlanner Australia appointed an AdviserLogic specialist, Carole Lange, to provide additional support to planners. “As an experienced financial planner and paraplanner, Carole has been able to work on ensuring the advice process continues to be clear and concise for clients and easy for planners to prepare,” Ms Sheehan said.

MyPlanner Australia has also engaged AdviserLogic to continually enhance its SoA templates to ensure that they keep up with an ever-changing industry.

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Daniel Gara

Financial planning software provider, AdviserLogic, has launched Licensee Console (the console) and Licensee CRM, enabling Australian Financial Services Licensees (AFSL)s to deliver direct-to-practice enhanced services, more efficiently.

AdviserLogic head of product development, Daniel Gara, says the console makes life easier for both the licensee and the planner, in that information that the licensee needs to obtain from the planner is readily accessible through the planner’s AdviserLogic account.

“Enabling planners to allow access to their AdviserLogic account for their licensee reduces the time and resources needed for the AFSL to complete a compliance check and means the check can take place in a fraction of the time,” he says.

Mr Gara says the console also allows licensees to create and update content and automatically make it available to any or all of their planners’ AdviserLogic accounts.

“The planner’s AdviserLogic account can be a hub for all of the licensee’s resources, including updated Financial Services Guides and other AFSL documentation, work-flow templates, Statement of Advice and other document templates, approved product lists, custom fact find questionnaires and more,” he says. “At the click of a button, this information is available to all planners.”

Mr Gara says based on several requests from AFSLs, AdviserLogic had also developed Licensee CRM. “In consultation with several clients, we’ve formulated a series of CRM modules which allow users to store data from their planners and their practices. By taking advantage of the AdviserLogic Custom Fact Find, they can create several additional questionnaires to suit their business practices,” Mr Gara says.

“The feedback we receive is that planners benefit from the AFSL head office staff using the same CRM as them. As they discuss practice development they have a common language around AdviserLogic CRM features that they both understand,” he says. “The other critical features for licensees are the ability to store documents and file notes and also build business processes with AdviserLogic workflow and task features.”

Mr Gara says licensees and planners value access to AdviserLogic’s in-house support team, which complements the software’s reputation as the easiest to use.

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