Step 1: set up advice group assumptions

PrimeSolve customises our solution to each advice groups unique product list and assumptions. To get started information we will request will include:

• Risk profile assumptions

• Approved product list

• Any in-house asset class assumptions

Through our advice group portal, each firm can control the type of advice given across the group by placing limitations on strategy options depending on risk profile or tier of adviser that is offering the advice. 

This provides compliance departments with additional control over the type of advice provided. 

Step 2: establish advice steps

PrimeSolve’s dynamic templating solution allows adviser to break the advice process into steps. To build the advice in steps, simply create an advice project with specified single advice topics to address. The recommendations from each step will automatically be stored in a workbook and passed into the next strategy.

Alternatively, you are able jump straight to the final step and perform all analysis at once by running our Full SOA solution. 

Step 3: complete fact find

PrimeSolve has a detailed default Fact Find. We are also able to customise the Fact Find to each advice group if they have a preferred methodology. 

Intelligent conditional formatting limits the time it will take for each client to complete the data entry. . 

Step 4: complete objectives

PrimeSolve follows the SMART principles of goal setting. We ask each client to specify the cost, timeframe and relative importance of each goal. We also ask clients to record why each goal is important to them. 

By adopting SMART principles, our algorithm is able to zone in on the optimal course of action taking into consideration the set priorities of each client. 

Step 5: set pre-determined strategies

If advisers have preconceived views of what recommendations are most appropriate for the client, they are able to insert these directly into the model.  The optimisation engine will then optimise the model whilst ensuring these recommendations are adhered to. 

Alternatively, the adviser can choose to pre-determine 100% of the model and turn any optimisation off.

Step 6: optimise results

Once all necessary inputs have been set, the PrimeSolve neural network will then determine the appropriate course of action. Each advice firm can customise the results pages they want to see. PrimeSolve has over 200+ tables and 300+ potential charts to display. 

As a default, PrimeSolve will display the following:

• Recommendations – Results presented year by year. Each recommendation is accompanied with reasons why, and analysis of which objective it helps the client/s achieve. 

• Best interest position – Summary of what objectives advice has helped the client achieve, before v after comparison, and a summary of improved position (See best interest generator).

• Capital – Net equity projections

• Cashflow – Summary of after tax cashflow and expense breakdown. 

• Tax position – Summary of taxable position

• Assets – Breakdown by asset type. Projections per asset.  

• Debt - Projections and year by year analysis of repayments, interest paid, balances.  

• Retirement products - Projections year by year for superannuation, pension & annuities. A breakdown of contributions, payments, balance & fees is provided year by year.  

• Other products - Projections year by year for products such as investment bonds, wrap and protected equity. A breakdown of contributions, payments, balance & fees is provided year by year. 

Step 7: stress test recommendations

Once recommendations are generated a stress test is conducted to provide a detailed attribution of the benefit of each recommendation provided (see best interest generation).

Step 8: SOA generation

Once advice recommendations are confirmed, PrimeSolve will leverage our text library to automatically build the Statement of Advice document. 

We filter out any unnecessary text based on the client’s circumstances and the recommendations generated, ensuring that there is no additional time spend manually updating templates. 

Our data driven best interest generation means that the reasons for advice will be unique to each client, based on their existing position and set objectives. Consequently no two SOAs will ever look the same!