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“The software tracks client goals, cashflow and insurance with each client receiving an instantly -produced, online statement of advice. Paraplanning is removed from the advice process. With the release of Version 1.0, investment and super advice modules will follow in the near future,” the statement said.

The software also has a client-facing app to assist in tracking personal finances, with Advice Intelligence founder Jacqui Henderson adding this will make the advice process smoother.

“This client-facing experience enables advisers to actively demonstrate to clients that their individual goals are at the heart of the advice process. By refocusing the outcome on client goals rather than financial products, any friction that exists is removed,” she said.

Ms Henderson said the software is intended to equip advisers to manage the challenges posed by regulation.

“Our aim is to empower financial planners with the software of the future and support the industry in its’ transition to an efficient, respected profession,” she said.