Andrew Whelan, Chief Executive Officer of WealthO2 said “the coming together of WealthO2, Roar and NEO creates an exciting and significant step in our innovation, capabilities and size of the team. This will enable us to offer highly flexible and solutions to financial advisers to solve any critical business issue.”

Whelan said “we now offer solutions to every challenge advisers face within their practice, either with our end-to-end solution, or by extracting any part of this and inserting it into an advisers existing workflow to solve a particular problem. We are a complete advice technology solutions provider as opposed to a product style platform which seem to have lost their focus and the planner.”

Kevin Liao, Chief Executive Officer of Roar who joins the group as Executive Director, Software Solutions said: “we are thrilled to join the WealthO2 Group with NEO. Both are highly complementary businesses with a strong track record of innovation. Advisers are crying out for solutions more than more product options, and I think this an exciting opportunity to offer something uniquely powerful to advice practices”.

Rudi Engelbrecht, Chief Executive Officer of NEO will join as Group Chief Operating Officer. He has more than 27 years’ experience building technology businesses globally. He says of the acquisition: “WealthO2 and NEO have worked side by side for many years and I look forward to delivering on the compelling vision the group has for helping advisers scale profitably.”

In a market first, WealthO2 will become the first wealth platform to offer end-to-end process efficiencies to any financial advice practice. The combined capabilities of the three businesses will enable advisers to be seamlessly guided from client engagement to strategy optimisation, digital SOA, through to execution in a single workflow. Clients will also be able track progress to their various lifestyle goals, in real time.

“WealthO2 is focused on offering flexible solutions across the entire advice process in a flexible, easy to implement way. Our feedback to date is that advisers are tiring of inflexible product based sales being forced upon them when most often they need a provider to listen and provide a tailored solution instead.”

WealthO2 was recently voted number one in the latest Adviser Ratings Australian Financial Advice Landscape Report – Platforms for both Adviser Support and Investment Options.

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The launch of DynamicDocs follows Roar signing an exclusive partnership with Australian customer engagement video software platform, HumanableCX, to leverage the group’s innovative human avatar technology.

According to Kevin Liao, Chief Executive Officer, Roar Software, DynamicDocs is designed to help advisers run more efficient practices, manage their compliance obligations and build a scalable proposition for low account balance clients.

The tool effectively converts Word-based SOAs into an interactive web-based experience that includes personalised tables and graphs, using data pulled from an array of advice applications in the Roar Advice Marketplace.

Other features include the tracking and recording of time spent reading materials and the ability for clients to interactively post questions for their adviser.

“The latest round of COVID-19 restrictions highlight the limitations of traditional advice processes which are too rigid and haven’t kept pace with changing consumer trends,” Liao said. “

The format is still largely based on lengthy face-to-face meetings in an adviser’s office to walk through spreadsheets and documents together.”

“In 20 years that formula hasn’t evolved but people are engaging their service providers differently. Advisers don’t need to spend hours in-front of every client to demonstrate their value and, as the cost of providing advice continues to rise, they will need to embrace scalable technology to drive efficiencies and make advice more affordable.”

Roar Software Chairman Darren Pettiona said that DynamicDoc’s built-in features – such as the ability to add consent check boxes to specific pages and sections, and keep an audit trail of updates and changes – provided a layer of protection for advisers.

“If the institutions, with their large teams and budgets, struggle to manage risk and compliance then small practices will find it increasingly difficult, which is why they need to utilise readily-available technology solutions to help them meet their obligations to all stakeholders, including clients, regulators and equity holders,” he said.

Mr Liao added that DynamicDocs supported visual learning in addition to verbal and written communication.

In the context of Australia’s impending $3.5 trillion intergenerational wealth transfer, digital tools like DynamicDocs could help advisers bring a client’s children and grandchildren on the journey, aiding client retention and acquisition.

“The way advice is presented using DynamicDocs, with the ability to add a human avatar to guide clients through the process, enables parents to share information with children and grandchildren. They can then view and digest that information in their own time,” he said.

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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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Kevin Liao

ROAR Software has partnered with Fin365 to offer financial advisers greater choice and flexibility of software solutions, while simultaneously improving business efficiency.

Through its Advice Marketplace, ROAR Software delivers a simplified way for financial planning businesses to select and connect to an extensive menu of software solutions, including client engagement, product research and document generation tools.

Along with a range of third-party solutions, the marketplace also includes ROAR Software’s highly-rated applications including DynamicDocs, Client Fact Find and Highlighter tool.

According to Fin365’s CEO, Stephen Handley, the integration of Fin365 and ROAR Software empowers advisers to regain ownership of their data and technology decisions.

“When it comes to technology, financial advisers have somewhat been held to ransom by dealer group mandates and legacy software solutions that have failed to deliver tangible value. At a time when an increasing number of advisers are looking to alternative licensing arrangements, our integration with ROAR Software puts ownership of data and control of technology back in the hands of the advice business.”

He added: “ROAR Software’s extensive marketplace of software applications gives our customers the ability to choose solutions that add value to their business while the two-way flow of data delivers an unprecedented level of business efficiency.”

Leveraging the power of Microsoft business applications such as Dynamics 365, Power BI, and Teams, Fin365 provides its financial services customers a comprehensive practice management platform designed to help financial services businesses make continuous business improvement through more effective management and automation of data. Fin365’s features include workflow management, revenue management, product provider data feeds, business intelligence and rich client engagement via a client portal and automated marketing capabilities.

According to ROAR Software’s CEO Kevin Liao, the transformation in the financial planning and broader wealth management industries has created a greater need and demand from AFSL holders seeking to access tools such as Fin365 to give them enhanced flexibility in the way they build their service model.

“Advisers are looking at how they can put together a robust and strong business model that is not only sustainable but delivers great customer service,” he said. “To achieve this, they need a more robust and sustainable technology strategy. Fin365 offers a powerful yet intuitive practice management solution that is fully integrated with the Office 365 suite of technologies that most advisers already use. The combination of our two platforms delivers an unprecedented level of function, connectivity and data management capability.”

Fin365 provides ROAR Software users with choice, access to a full blown CRM system if they are seeking more than what ROAR Software has out of box, and the capability to integrate them with the Microsoft suite such as Outlook (email and calendar) and MS Office.

Handley also highlighted the companies’ similar approach to customer engagement, as demonstrated by their high customer satisfaction ratings, as an important contributor to customer success.

“We’ve learned over the last few years that advisers are looking for more of a service-based partnership with their technology providers. The recent Adviser Ratings Financial Advice Landscape further highlights the significant benefit our partnership will deliver to our valued customers.”

Advisers can access the integration with Fin365 through ROAR Software’s Adviser Marketplace. The integration is rolling out this month and will immediately be available to all Fin365 and ROAR Software customers.

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Sam El Shammaa

ROAR Software has signed privately-owned licensee Finchley & Kent to its technology platform, providing its network of advisers with access to open architecture, choice and flexibility, tailored advice solutions and the opportunity to build business efficiencies across their practices.

The fast-growing licensee has also leveraged ROAR Software’s Highlighter tool, which coverts spreadsheet information from Excel into Apps. Finchley & Kent have used it to develop a unique fact find and file note tool which has effectively digitised advice.

By eliminating the quadruple entry of data, advisers save time and create efficiencies in their practice, whilst also facilitating compliance as automatic records are generated at every step of the advice process.

According to Finchley & Kent’s Managing Director, Sam El Shammaa, the purpose of a licensee is to provide advisers with a frictionless solution to provide advice.

“An out-of-the-box solution does not work for financial advisers who have their own value propositions and are seeking tools to help them deliver them. Using ROAR Software, we have developed a solution that our advisers can add information to and make their own.”

Finchley & Kent estimate ROAR Software’s capabilities are saving its financial advisers 40-60% of time on paperwork such as generating file notes and creating compliant and friendly SOA documents. This is time that could otherwise be spent with their clients, engaging with them and providing valued strategic advice.

These capabilities have also eliminated the need for a paper-based 60-page fact finder, which for many clients is their first experience of financial advice. By digitising this and adding in information to the broad transcript on topics such as insurance, income protection and retirement which can be tailored to an individual client’s needs, it provides a better client experience of advice.

According to El Shammaa, technology has to save financial advisers both time and money and cannot create a greater workload, which can be the case if the proper framework is not in place.

ROAR Software’s CEO Kevin Liao agreed: “Advisers are not looking for tech solutions that create more work, or to be mandated and told by their licensees what to use. At a time where many are putting together their partners of choice and reconfiguring their advice propositions, they want choice and flexibility.”

ROAR Software patented Highlighter in March, enabling financial advisers to develop fully functional software applications ready for a SaaS model and removing the traditional time and cost barriers of developing software for businesses. Last month, ROAR Software was awarded a Net Promoter Score of 52 by Adviser Ratings, the second highest rating in the software category.

“By leveraging technology such as Highlighter, advisers can reduce inefficiencies such as errors and multiple iterations of the same documents and protect themselves and their licensees with automatic compliance,” said Liao.

He added: “Working in partnership with licensees such as Finchley & Kent means we can support advisers in their business model choices and help set them up for success.”

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Kevin Liao

Roar Software has patented its Highlighter tool, giving Australian financial advisers the power to develop their current productivity processes in Excel into fully functional software application ready for a SaaS model and removing the traditional time and cost barriers when developing software for businesses.

Highlighter converts spreadsheet information from Excel into an App facilitating the development of a unique value proposition and harnessing the capability of technology to facilitate engagement in an ever-changing operating environment.

“Beyond the COVID-19 experience, Australians are looking to interact online and to move into a more interactive engagement model with their financial adviser,” said Kevin Liao, CEO Roar Software. “Highlighter facilitates this development and enables advisers to the be on the front foot in how they approach this new opportunity.”

Five years in the making, the US patent of Highlighter is a major achievement for the business and further recognition of its capability as a fintech innovator. Additionally, the patent gives Roar Software a monopoly over how most financial advisers use the information they currently house in Excel.

“Excel is the most powerful desktop software available and many advisers use it as a data base, for client management and as a calculator,” said Liao. “By overlaying this capability with Highlighter, financial advisers can use this existing base to build their own tools for their customers, providing them with tailoring and optimisation potential.”

The success of the Highlighter patent is further evidence of the technology trajectory Roar Software is on and its commitment to the Australian market to provide long-term solutions for advisers. In July last year it launched DynamicDocs, a digital document capability which enables clients and advisers to view and interact within the advice document itself, be it an SOA, ROA or strategy paper in a web-based environment.

“Roar Software is pleased to be working with financial advisers to create tools and solutions they need to transform their businesses so they can adapt to the changing operating environment,” said Liao.

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The new appointments include Darren Pettiona as Chairman and Simon Bishop as National Sales Executive, who together bring significant market experience to Roar Software and a demonstrated ability to market solutions which solve industry challenges.

Pettiona was previously CEO of HUB24 and Managing Director of COIN Software. He brings considerable fintech experience to the business as well as a proven track record in innovations which meet the needs of the market.

“I am very excited to join Roar Software which continues my desire to be at the forefront of dynamic shifts in the financial services industry,” said Pettiona.

“The industry needs a fresh approach to technology where advice practices have real choice and freedom to partner with service providers they choose in an integrated environment.”

Meanwhile, a former Head of Distribution for both HUB24 and COIN and Associate Director at Macquarie Group, Bishop brings strong industry knowledge and contacts to help grow Roar’s footprint.

Roar Software’s CEO Kevin Liao said these high calibre appointments demonstrate its intention to shake up the fintech space and to provide a real software alternative to advisers.

“The appointments add further momentum to our desire to provide a flexible and adaptable tech model for financial advisers while also advancing customer experience.”

Roar Software also announced the expansion of service providers available in its integrated adviser marketplace, with the addition of a modelling and projection tool powered by global actuarial management consultancy Milliman.

“Advisers want access and choice,” said Liao. “They want to partner with agnostic service providers who maybe outside their licensee and provide a different perspective, without judgement.”

Craig McCulloch, a Principal in Milliman’s Australian office commented, “We are very pleased to partner with Roar Software, applying our actuarial expertise to power a new modelling application REACH, available on their Advice Marketplace Platform. This new tool is easy to use and presents advisers with access to robust modelling designed to help clients achieve their financial goals.”

In June, Roar Software added its industry-first advice viewing tool to connected technology solution, allowing clients and advisers to view and interact with a Statement of Advice (SOA) or strategy document in a web-based environment.

The tool allows clients to ask questions in real-time and an adviser to provide instantaneous feedback on the SOA, improving communication and eliminating the risk of misunderstandings.

“Roar Software is providing the future of financial advice today, offering financial advisers a fresh approach to technology, with genuine flexibility and an integrated approach to help them build their businesses and meet their technology needs,” said Liao.

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Kevin Liao

Roar Software is revolutionising the experience of financial advice with the release of its industry-first advice viewing tool, allowing clients and advisers to view and interact with a Statement of Advice (SOA) or strategy document in a web-based environment.

It allows clients to ask questions in real-time and an adviser to provide instantaneous feedback on an SOA, improving communication and eliminating the risk of misunderstandings.

With the flexibility to receive research feeds from any research house, the tool also provides electronic checkpoints to ensure the client and the adviser agree on the goals set.

According to Roar Software’s CEO Kevin Liao, the enhanced engagement provided by the tool is a breakthrough for the industry because it supports and strengthens the advice process without complicating it.

“The tool advances the client experience of financial advice by showing them in real time their advice strategy, so they can discuss it and make changes with their adviser, facilitating client understanding and education and meeting adviser’s compliance obligations.”

The SOA capability tool is the latest addition to Roar Software’s integrated Advice Marketplace, a fresh and collaborative environment where advice practices can house all their software application in a connected way.

Using Roar Software’s Advice Marketplace, practices can pick and choose what software they use and centralise it in a way that means no messy data migration whenever they choose to substitute one application for another.

“Roar Software is providing the future of financial advice today,” said Liao. “We are offering practices who are tired of grappling with the same technology solutions a new and fresh approach.”

Formerly YTML, Roar Software is drawing on its ten-year history as a technology consultancy and award-winning innovator to address key industry challenges.

“We know this SOA tool is what is needed to breakthrough the client engagement and compliance issues that have plagued the industry and held it back,” explains Liao.

Roar Software works with a range of financial advice practices, licenses and investment partners searching for technology solutions that satisfy their needs while complimenting their existing software capabilities.

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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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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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