Interest in Trusted Advisers to continue to gain traction as CDR grows

One of Australia’s Consumer Data Right (CDR) intermediaries is encouraging companies to prepare themselves for even more growth and innovation in CDR next year.

Adatree believes CDR is going to heat up over the next 12 months with businesses expected to increasingly leverage the framework to receive greater insights into their customers.

With this proliferation, Adatree expects interest in Trusted Advisers to continue to gain traction.

As a new model for CDR access, Adatree describes Trusted Advisers (TAs) as classes of professionals who can leverage their existing certifications and regulations to participate in some aspects of CDR, without requiring an additional CDR accreditation.

TAs include professionals like qualified accountants, persons admitted to the legal profession, registered tax agents, BAS agents and tax (financial) advisers, financial advisers and planners, and mortgage brokers.

“Trusted advisers, like mortgage brokers and financial advisers, can access CDR data through an intermediary [...] without the stringent and costly process of CDR accreditation,” said Jill Berry, CEO of Adatree.

“It doesn’t reinvent the wheel of accreditation and leverages their existing certifications and privacy obligations to their customers.”

Ms Berry believed 2023 is going to be the year consumers start questioning who is collecting their data and how it’s being handled.

“And they should be! In particular, I’d like to see consumers asking about the purpose of the data: ‘Does the specific personal information align with the desired outcome?’ If it doesn’t, then that’s a good indication that a business is using your data for their own benefit,” explained Ms Berry.

Adatree COO Alex Scriven previously stated that the availability of data under the CDR could provide advisers with the opportunity to create exceptional experiences for their clients.

“You could get rid of the fact-finding process at a few clicks of a button with this new information, along with alerts, triggers, and flags when your clients’ financial circumstances change, or when they can afford a new investment or property, or have enough funds to be able to invest in the ASX,” he suggested.