Dubbed MyDash v2, the enhanced CRM has built-in document management, Docusign, a note taker along with form filling, record keeping and integrations with Quotemonster and Akahu.
In the next few months investment advice tools, quality assurance, commission management and more will be added to the system.
Originally built as a consumer-led tool for residential mortgage lending, the upgrades to the 100% digital portal focus heavily on widening the software's capabilities and cutting out manual desk work.
Tella’s approach to building the technology is to imagine the user as a new adviser … they want a guide and want to be empowered, Andrew Chambers, Tella’s co-founder and chief executive says.
Having sunk $4-5 million into the technology since 2022, he says the improvement was necessary when advisers within its aggregation group Newpark started using open AI large language models and Tella didn’t know where the data was being stored, or how it was being used.
“We needed to recalibrate our system to make sure we had a way advisers could use AI functionality, but within MyDash.”
This involved setting up an AI agent called Stella within MyDash to act in a support role for advisers. “We know exactly where the data is being hosted and stored, and that it's not being used for other LLM model development. It's being retained within walls, if you like,” Chambers says.
Right from the beginning, Tella has developed its own CRM. “We haven’t grabbed an off-the-shelf product, we have built our own from the ground up to fit advisers and their clients, building in efficiencies to save them money.”
Chambers says those were the two big drivers for MyDash. “Off the back of that, we've also been removing layers and layers of costs. Many advisers have separate systems for mortgages, risk, investment, and then they'll have a note-taker and DocuSign.
“We're trying to get those costs down, in terms of having to use other providers, by moving as much of that functionality into MyDash. The new version has a full workspace – email, calendar, tasks a note-taking agent – everything built into it, basically.”
He reckons advisers could potentially save up to 50% in technology expenditure, but there are also time efficiencies by not having to use several different systems to do different tasks. “It’s just not the physical cost; it is the time cost as well by being able to do everything direct from MyDash.”
Chambers is confident the CRM enhancement will attract more advisers. It has 90 groups in its aggregator group, with the biggest having 22 advisers under its umbrella.
Rated at the third biggest aggregator after NZFSG and KAN, Tella says after recently releasing its platform for risk advisers it has a small waiting list. Other advisers are joining Newpark quietly but in terms of their activity it has been flat, he says.
“If we can build efficiencies into an adviser’s business through technology and reduce their costs in a flat market, that is not a bad thing.”
He says further upgrades to the system will mean continuous compliance, easier processing of commissions and a better view of sales pipelines for advisers. “Every file will also be reviewed in the way a sample has been done in the past for quality assurance.”
Tella’s ultimate goal is for MyDash to be the industry leading advice platform for advisers across Oceania. “We are on track to achieve this within the next five years,” Chambers says.
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