Suitebox provides financial advisers with the ability to hold meetings online and electronically sign and lodge documents.

This is proving popular in markets that are becoming increasingly regulated and where being able to provide a paper trail for advice is more important.

Chairman David Whyte said the third-largest insurer in South Africa, Liberty Life, was conducting a trial of the software.

Suitebox is also in negotiations with SugarCRM in the United States with a view to using it with some of its clients, which include JP Morgan. 

Britain’s St James Capital has also agreed to a trial.

Whyte said Suitebox also wanted to see its client base in New Zealand expand.

He said compliance was adding to the cost of doing business as an adviser.

“Within the process of taking on a new client, there are key compliance steps involving the client being presented with documentation for signature. This compliance documentation process is likely to be the core requirement for all advisers following the review and Suitebox is ideally positioned to provide a rapid, cost-effective, and efficient solution to compliance in this area,” he said.

“The ability to transfer control of the documents in the virtual meeting room, to be able to explain everything to the client face-to-face, and record the process for all time, offers compelling reasons for integrating Suitebox into an adviser’s standard operating procedures based on the travelling time and expense saved in obtaining signatures on these documents.

“Using SuiteBox, at any point in the future, should the FMA call to review processes, or should there be dispute, complaint, or litigation to face, the adviser has a permanent record of events available for recall as and when required.”