I believe Intelledox's software Infiniti is only used in the financial planning industry to populate templates. When they state that their software reduces backoffice SOA production from 7 hours to 40 minutes, it's only describing the process of actually populating a Statement of Advice template, as the reality is, it would be impossible/unrealistic to produce a Comprehensive Statement of Advice in 40 minutes and still be legally compliant. In addition to this, those 40 minutes are still being paid by an Australian Para-planner earning $70-$80k p/a, not an office worker in the Philippines earning 10% of that.
There is so much more to the production of a statement of advice rather than just automation/population of a document. This software is not hard to come by.
Intiger does so much more than that, as the backoffice workers over in the Phillipines and India, actually have the same software that para-planners in Australia are using. Management have made it very clear that IAM works in conjunction with X-Plan, that their very staff are using X-Plan to produce these advice documents.
I'm more than happy to be proven wrong, but I am well connected in the financial planning industry and happen to know several practices on the waiting list for Intiger.
On Another Note, I just thought I would add my 10cents to what I took away from the Perth Seminar.
- Lilly and Klip come with the Portal. Yes, that means, we won't require any 'material' agreements to be released to shareholders. As a 'pay-per-use' is not a material agreement. I am more than happy with this, as it's not only frustrating being a shareholder, it's frustrating seeing these practices literally putting their business models on hold to receive Intigers Services.
- AFSL's are actively taking measures to prevent a material agreement but still maintaining the relationship with Intiger. Although management didn't answer my question when I asked this, a simple response of 'no' would have squashed my theory. But 20 seconds of umming and arhhing, confirms for me that the major issue or the only issue with the execution of MOU's is simply the disclosure to the public.
- NAB MOU, when this was announced, NAB had serious HR issues, with a large portion of para-planners wanting a please explain. Although management stayed well clear on my questions about NAB, this is one of my theory's from the previous point. IAM had to simply fall on their sword for NAB, as NAB weren't ready for information to be publically released.
- Lastly, Cebu is not hiring 10 staff per month. Comments in the past took this slightly out of context. Mark Fisher said he would 'like' to be hiring 10 per month at CEBU, but a lot of time has been dedicated to executing MOU's and the development of the Portal and this is not the case currently.
