Financial advice disrupter Asendium has announced it has entered a Memorandum of Understanding with RegTech firm Fourth Line to integration platforms and enable Asendium customers to receive risk and compliance reviews of advice documents as part of their advice delivery. 

Asendium is transforming the way financial advisers deliver advice, using a dynamic engine that populates all required advice documents at the same thing through one instance of data entry. It is designed to eliminate the manual entry part of advice generation, thereby creating more time for advisers to work with clients and build their business. 

“Asendium is focused on using technology to transform the advice landscape, and how advice is delivered to clients. Through our platform we remove vast amounts of manual work and ultimately simplify and optimise the advice creation process," Asendium CEO, Scott Miller, said.

“Through our Fourth Line partnership we are pleased to be able to offer risk and compliance reviews to all our clients' advice as part of their document preparation, which will be of particular benefit to small or emerging practices and IFAs. This means our clients can create advice documents faster than ever before, but with the robustness expected of leading advice firms, and consumers."

While auditing of documents is considered a time-intensive process, the nature of Asendium's structured data environment means an integration with Fourth Line will deliver Asendium clients same-day compliance reviews. The integration will increase efficiencies in both systems and for the overall advice creation and review process. 

“Asendium removes all paraplanning costs associated with Statement of Advice preparation, which on average cost advisers $500 per client. This means every adviser can have their documents reviewed before going to the client, and it will cost less than their current model," Miller said. 

“Finding ways to be more efficient is clearly a significant objective for advisers in the face or spiralling costs, but ensuring their advice is compliant remains critical. Fourth Line can provide that security for Asendium customers."

Asendium acts as 'guard rails' for developing compliant advice, and advisers can generate in-house, next day comprehensive and personalised advice – for a multitude of advice steps including Fact Finds, Strategy Papers, File Notes and Instant Statements of Advice – in a matter of hours. 

Fourth Line provides risk and compliance reviews of advice documents on behalf of an adviser or licensee, and focuses on reviewing documents both on quality, and content. 

“Fourth Line was established in 2019 in conjunction with law firm Mills Oakley, in response to the Royal Commission and helps financial advisers and licensees ensure that their advice documentation is compliant before they are sent to the customer," Fourth Line CEO, David Travers, said. “Our experience has identified that the best quality advice occurs when it is reviewed before the advice is issued to the customer, as opposed to through a retrospective review or a regular audit program."

Fourth Line has facilitated improvements in the standards of advice for individual advisers, teams, and across licensees. Fourth Line currently works with licensees including Interprac, GPS Wealth, and Wealth Today. 

“Using Asendium and Fourth Line together will create a compliant Statement of Advice for less than it costs most licensees today," Miller said. “Advisers can have faster and more robust advice documents in a matter of days compared to the typical advice generation model."

About Fourth Line

Fourth Line is a rigorous RegTech risk management and compliance system for advice practices, dealer groups and other wealth management participants. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews whilst maintaining critical human oversight. Fourth Line empowers compliance teams to coach and develop strong advice behaviours through data driven insights from analytics for adviser, practice/dealer group and industry benchmark comparison providing a centralised document storage and access portal to meet regulatory requirements.

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