Timeline has introduced a "cutting edge" digital solution for letters of authority.
Timeline has linked up with The Pension Lab, which revealed earlier this year advisers spend £442mn on the process.
Abraham Okusanya, CEO of Timeline, said: "We fully understand the huge frustrations financial advisers face with the current LoA process, which is a huge cost to not only themselves but also the environment, one which is set to increase.
"This is why we’ve delivered a complete digital solution for LoAs in line with our integrated ecosystem built for modern financial advisers."
Timeline said its new solution automates and streamlines the LoA process and claims it reduces administrative burdens by up to 80 per cent.
Financial Planner Steven Rowe, director of Lucent Financial Planning, has trialled the new system, calling it "the best thing that has ever happened to me".
He added: "I did a test. Got it all back in four days and only took three minutes. I wouldn’t even have found our existing form in that time."
Timeline said it is committed to supporting advisers by addressing inefficiencies in the process, as part of its 'Log Your LoA Pain' campaign.
Scott Phillips, CEO and founder at The Pension Lab, added: "Timeline is dedicated to empowering financial advisers through cutting-edge technology, data, and methodology, which makes our collaboration a natural fit for delivering a truly innovative digital LoA service.
"Partnering with Timeline, we’ve developed a solution that not only streamlines the LoA process but also aligns with the evolving needs of both advisers and their clients. This innovation is a significant step towards reducing costs, improving efficiency, and enabling advisers to dedicate more time to providing high-quality, tailored advice.”
tara.o'connor@ft.com
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