Media Release

 RegTech boosts team to meet surge in demand

Fourth Line, one of Australia’s leading RegTech risk management and compliance systems for financial advice, today announced a boost to its team with the engagement of Joel Ronchi from myIntegrity in Practice to assist with delivering its services to licensees and advisers.

Fourth Line CEO David Travers commented, “Joel brings a tremendous amount of ‘real world’ experience to the team.  His engagement will help strengthen Fourth Line’s ability to services its clients and to provide practical advice on implementation.  Our approach is uniquely bionic in that it combines state of the art Artificial Intelligence (AI) with high-calibre personal oversight from industry professionals, such as Joel.”

Fourth Line recognises that rising regulatory compliance demands pose a significant threat to licensees and advisers. Fourth Line’s bionic compliance approach enables complex, subjective, principle-based advice legislation to be addressed systematically in conjunction with human oversight.  Fourth Line’s focus is on helping Licensee and Adviser compliance teams improve the overall quality of advice.

“Our philosophy is that the compliance team becomes a coaching team.  The reality is that each piece of advice for each client represents a risk to a Licensee.  This is an onerous task for compliance officers to check through manually.   It becomes a reactive, almost adversarial approach, to Adviser management. No-one wins.” Travers said.

The Fourth Line delivers insights and analytics that enable compliance officers to become “Advice Coaches” and work with their Advisers to manage risk and identify areas for improvement.  This proactive approach allows Licensees and Advisers to demonstrate to the Regulator (ASIC) that the clients’ best interests are being met through the provision of appropriate advice that prioritise the client’s interest.

“Financial advisers and Licensees are getting hit from all sides – regulatory, compliance, the FASEA Standards, Adviser Exam and Higher Education requirements.  I speak with Advisers and Licensees every day, with many feeling overwhelmed by the amount of change currently taking place,” Ronchi said.

“My purpose over the last few years has been to help Advisers and Licensees “filter out and distil” the noise and confusion regarding the FASEA Standards and help the industry evolve in to a profession so Advisers can focus on what’s important – providing quality advice to ordinary Australians so they can achieve their dreams and have security in retirement,” Ronchi said.

A key component in this challenge is improving the advice process in the face of increasing regulation and compliance oversight.  “Compliance should be an enabler of advice – not a cop on the beat”, explains Ronchi.  

Fourth Line is a rigorous RegTech risk management and compliance system for advice practices, dealer groups and other wealth management participants. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews whilst maintaining human oversight, empowering compliance teams to coach and develop strong advice behaviors through data driven insights from advanced analytics for adviser, practice/dealer group and industry benchmark comparison with centralised document storage and access to meet regulatory needs. 

For information email: info@fourth-line.com.au