BT slashes SOA

Platform deal reduces SOA burden

By Victoria Papandrea
Fri 23 May 2008

BT and Midwinter team up to help planners cut costs and slash the time taken to produce SOAs.

BT Financial Group and Midwinter have entered into an exclusive platform deal to provide advisers with a cost effective and efficient way to generate complex statements of advice (SOA).

The platform arrangement will see BT add Midwinter's new online advice software, Back 2 Basis, to its Wrap platform.

Back 2 Basis enables BT wrap users to produce SOA inserts for complex product and strategy recommendations such as superannuation rollovers and transition to retirement optimisation in minutes, according to BT Wrap's head of distribution Don Sillar.

"For advisers using numerous software programs and desktop applications, costly paraplanning support services or for those just swamped by the administrative burden that is SOA production, the BT Wrap/Back 2 Basis integration provides a light at the end of the tunnel," he said.

"The service costs $110 per client strategy, takes only minutes to complete and the adviser receives an email with the full strategy recommendation within 48 hours."

BT Wrap users now have access to the next generation in advice technology, Midwinter managing director Julian Plummer said.

"Back 2 Basis reduces adviser impact time so dramatically it truly enables them to spend the majority of their time with the client, understanding their needs and objectives," he said.

The adviser's request is submitted and automatically run through Midwinter's financial planning software to determine the optimal outcome for the client.

"The final document is then reviewed and finalised by Midwinter's paraplanning team to ensure that the adviser's objectives are achieved and their conduct and disclosure obligations are being satisfied," Plummer said.

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