Release Date: 5/5/2008
Provisio has signed up Commonwealth Financial Planning and Financial Wisdom as the first major dealer groups to use its desktop based Transition to Retirement calculator.
Developed by Barry Ward from Ward Financial Group in Victoria – part of Financial Wisdom - the software was originally designed to accurately model the taxation arbitrage that the Transition to Retirement changes to superannuation would deliver.
“Provisio provides an easy-to-use means of modelling the Transition to Retirement strategy for advisers’ clients which offers many features well ahead of alternative solutions,” Mr Ward said.
“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.
“All it takes is around 45 seconds to obtain detailed pension possibilities to adding the recommended scenario into the SOA,” Mr Ward said.
Tim Gunning, General Manager, Commonwealth Financial Planning said he wanted advisers to have the best, most up-to-date technology and to be able to pass on the benefits to clients.
“The Provisio Transition to Retirement modelling software is simple and allows our advisers to calculate all the pension possibilities and model the optimum position for clients,” Mr Gunning said.
Key attributes of the Provisio software include:
- Optimises the strategy for advisers, automatically determining both the level of pension and the amount to salary sacrifice to ensure the maximum benefit for your client
- Provide a year-by-year implementation guide, including information for any required PAYG variations.
- Creates a Statement of Advice insert using Microsoft Word
- Incorporates all the Simpler Super changes including contribution limits, proportioning of tax free benefits etc.
- Allows the modeling of a "reboot" strategy where pensions are restarted each year
- Existing levels of salary sacrifice in addition to the standard 9%
- Part-year scenarios so pensions do not need to start on July 1
- Control over most of the assumptions behind the calculations
The software is used by Commonwealth Financial Planning, Financial Wisdom, independent financial advisers and accountants.