Dover Financial Advisers has cut the time required to prepare a risk insurance SOA by at least 50%. Dover’s new SOA-generation tool, nicknamed ‘RODO’ (Robotic Dover), allows risk-only statements of advice to be prepared in just a few minutes. It has recently been rolled out across Dover’s network of over 290 advisers and the feedback has been very positive. One adviser described RODO as a “new lease on life,” allowing him to generate SOAs that are “highly compliant, clear and concise, time saving but most of all …. lift the worry from an adviser’s head.”
Within a week of release, more than 75% of risk insurance SOAs were being generated using the software.
Notwithstanding the name, the tool is not a robo-adviser. As Dover’s CEO, Mr Terry McMaster, explained: “It is the time taken to prepare the SOA that is robotised, not the advice process. We firmly believe that no algorithm can replace the presence of a thinking, breathing, empathic adviser when it comes to creating advice that is in a client’s best interests.”
Mr McMaster continued: “50% of Dover’s SOAs cover risk insurances only. These SOAs have similar disclosure obligations, which RODO takes care of. This frees the adviser’s time up to apply his or her knowledge, experience and client-centred focus to determine the type and amount of insurance provided – to get the advice right. This happens before the SOA is prepared. The adviser then sits down at their computer – or their tablet or smartphone – and uses the software to cheaply and swiftly organise and communicate the fruits of their labour.”
The software has been developed by Dover’s in-house IT division and uses a simple online format with which advisers are already familiar. The disclosure content and SOA format was prepared by Dover’s 13-strong in-house compliance team.
The tool has been released in time to assist advisers to best respond to the LIF changes commencing on 1 July. “It is surprising how little attention is being paid to the significant reduction in income that risk advisers are scheduled to experience from 1 July. Any risk adviser who wants to retain his or her commission income post 1 July simply must see more clients. The hardest part of seeing more clients is that time is always limited. That is why we have responded to our advisers’ needs by developing RODO. RODO dramatically cuts the time taken to prepare SOAs, especially for advisers for whom writing is not a pleasure. We take care of compliance so the adviser can take care of their clients.”
The tool removes the need for advisers to create ‘free text’ when preparing risk insurance SOAs. Advisers need simply to input details like a client’s name and contact details, assets and liabilities, and recommended amounts insured. The adviser then uses the software to select variables such as the amount and type of cover required and the reason/s why that cover is being recommended for a given client.
The tool also streamlines Dover’s internal SOA review process. Dover’s in-house compliance team vet every SOA prepared within the group. Each SOA is then reviewed by a lawyer before it can be released to clients. “Reviewing every SOA reassures our advisers that their advice is demonstrably in their client’s best interests,” Mr McMaster stated. “It is a simple case of ‘a stitch in time.’ Because every SOA is certified as compliant before it goes to the client, clients only ever get compliant advice. And we have the low complaint rates to show for it. RODO makes this good thing even better.”
RODO is free for all Dover advisers. The tool is being demonstrated at Dover’s FPA-Accredited National Training Days, which are free for all advisers – Dover and non-Dover alike – to attend.
