Publication Date: 6/5/2008
Publication: Financial Standard
Journalist: Michelle Baltazar
Provisio, developed by Barry Ward from Victoria-based Ward Financial, has signed up Commonwealth Financial Planning and Financial Wisdom to use its desktop-based Transition to Retirement calculator.
But describing it as a mere calculator is an understatement. For example, it optimises the strategy for advisers by automatically calculating the pension level and amount of salary sacrifice to ensure the maximum benefit for their clients.
It also incorporates all the Simpler Super changes including contribution limits and proportioning of tax free benefits while providing a ‘knob’ over most of the assumptions behind the calculations.
The software also cuts the cumbersome paperwork and reduces the chances of data error by creating a Statement of Advice insert using Microsoft Word.
"As a financial planner, I know one of the difficulties has always been transferring strategy information to the Statement of Advice. Provisio allows for the recommended scenario to be easily inserted into the SOA Transition to Retirement strategy section," said Ward.
All it takes is around 45 seconds to obtain detailed pension possibilities to adding the recommended scenario into the SOA," he added.