The Provisio story began eight years ago…

Way back in 2005 we revolutionised the financial advice industry with a simple approach: to enable financial advisers to provide accurate information quickly.

Why “revolutionary”? Traditionally, financial advice has fit neatly into a rather predictable mould: a client requests an analysis and a lengthy strategy session ensues… after which a hefty fee is paid and the client receives a Statement of Advice. Rigid, predictable and time-consuming. Few people questioned the logic of this approach. It was, after all, the “way it has always been done.”

This process, though, isn’t very client or adviser-friendly. What happens when the client’s life situation changes? Shouldn’t the client be able to receive insightful answers to specific questions within minutes instead of hours? From the adviser’s perspective, the long drawn-out process restricts accessibility to a variety of clientele — afterall, there are only so many working hours in the day. Also, in today’s Internet-driven environment, advisers should be able to easily integrate Web-friendly tools into their financial services menu. The old face-to-face meetings and lengthy client questionnaires aren’t exactly consistent with offering a “cutting edge" service.

In short, the approach of old school financial advice has become out-of-synch with the reality of those seeking guidance. More people want to receive financial advice; so, as an industry, how do we meet that need?

Provisio was born from an understanding of the needs of both clients and advisers. We departed from traditional advice modellers by developing financial advice optimisation: an online process that is designed to produce tangible results for clients within minutes. We started with Transition to Retirement and, after perfecting our calculations, reduced the average wait time to receive advice from hours to mere minutes.

Provisio was then expanded to include other strategies: Retirement Adequacy, Contributions, Super Comparison, Insurance Analysis and Investment Choice. Highly-relevant, yet minimal, client data coupled with robust super-fast technology enables our Web-based solution to produce automated, personalised SoAs that answer the questions that clients want answered - "What income can I have when I retire?”, “How does my current investment scheme compare with others?”, “How much money in fees can I save by comparing superannuation funds?”, and so on.

This new approach changed the way the game is played. As a result, Provisio has risen to prominence and is now used in many institutions, financial advice practices and super funds.

Ultimately, with Provisio, you can save time and money no matter what the size of your business. This blog will be dedicated to sharing valuable information about the Provisio solution, such as its functionality, capabilities and how it can be used to help you revolutionise your own financial advice business.

Until the next time!

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Brian, your intrepid Provisio content writer, works remotely from the Philippines. When not dodging earthquakes and spending time on Provisio, he enjoys reading fantasy novels and playing games with his young daughter.

In 2013, Provisio Technologies announced it had entered into a conditional, binding agreement to sell the business to Rubik Financial. The acquisition of Provisio will place Rubik as a market leader in the provision of scaled wealth advice software in the superannuation fund market. This will complement its existing leadership position in the institutional market for comprehensive wealth advice software.