The Australian financial advice industry is undergoing a significant transformation, driven by the increasing adoption of automation technologies. As advisers face growing regulatory pressures and operational challenges, automation solutions for ROAs (Records of Advice) and SOAs (Statements of Advice) are emerging as critical tools for practice efficiency.
Traditional advice documentation has long been a time-consuming process, with advisers spending countless hours manually preparing compliant advice documents. Recent studies suggest that Australian advisers spend up to 60% of their time on administrative tasks, leaving limited capacity for client engagement and business growth.
Automation technologies, like LivePreso Advice, are revolutionising this landscape by streamlining the creation of advice documents. Modern platforms can now automatically generate ROAs and SOAs by pulling data directly from client management systems, reducing what once took days into a matter of minutes. This automation ensures consistency in document preparation while significantly reducing the risk of human error.
The benefits of automating advice documents extend beyond mere time savings:
Enhanced Compliance: Automated systems can incorporate built-in compliance checks and standardized templates that align with current regulatory requirements, helping practices maintain consistent compliance standards across all client documentation.
Improved Client Experience: By reducing time spent on paperwork, advisers can dedicate more hours to meaningful client interactions and strategic planning. This shift from administration to advice delivery enhances the overall value proposition for clients.
Cost Reduction: The efficiency gains from automation translate directly to reduced operational costs. Practices can process more client work without necessarily increasing staff numbers, improving their bottom line.
Quality Assurance: Automated systems ensure consistency in document presentation and content, maintaining professional standards across all client communications while reducing the risk of oversight or omission.
As the financial advice industry continues to evolve, automation technology is becoming less of a luxury and more of a necessity. Practices that embrace these solutions are finding themselves better positioned to meet both regulatory requirements and client expectations while building more sustainable business models for the future.
Speak to us about how we can help transform your practice in 2025, with a free two-week trial.
https://www.livepreso.com/advice
Account reviews
New business 
Long-tail revenue