The company’s yet-to-be-released 2018 AdviceTech Research report found the number of advisers who believed technology will impact their business efficiency, compliance, profitability advice quality, staff costs or customer perception of advice has dropped since 2017.
Notably, only 29.18 per cent of advisers believe technology will improve the affordability of advice, down 22.28 per cent on the 2017 report’s findings, though the report acknowledged that this result may have been driven by ‘margin squeeze’ rather than other factors.
“Compared to last year’s results, the capacity for AdviceTech to improve the affordability of advice is seen to have less of an impact,” the report said.
“Scalability doesn’t equate with affordability, which may be indicative of the profit margin squeeze practices face today.”
However, the report found a number of areas where advisers believe technology will “fundamentally alter specific processes and activities” in the next five years.
These included preparation of SOAs, client communications, and investment execution and implementation, the report said.
The AdviceTech Report will be officially launched at the Adviser Innovation Summit in Melbourne and Sydney next week.
ha ha young one it’s time to pack up
I am a tech savvy adviser, young, adapted to new systems and processes, and let me tell you, the morale is down due to the regulatory bombardment of our industry. We dont know what our industry will look like in a few years, how we will get paid (commissions bans talk etc) – why would you even think of growing, investing in your business, in such an uneasy environment.. It is almost impossible to put a business plan together for more than 12months ahead.