At the company’s annual general meeting, Iress chief executive Marcus Price said that change is required, echoing a number of recent announcements from Iress.
“Our objective is to remain at the forefront of our chosen industries in our chosen markets where opportunity abounds. And I firmly believe there’s never been a better time to be in financial advice and investment management,” said Mr Price.
“We are on the cusp of a new era, and it’s our job to step into that and drive the change necessary in the industry.”
Mr Price added that Iress plans to refocus on its core business, which he said is “incredibly strong” in wealth management, trading and market data, and superannuation.
“We will prioritise investments in our core software to focus on uplifting software functionality, expanding industry connectivity and investing to grow new capabilities in digital advice and data,” he said.
The business will also focus on completing its transition to a platform-based architecture and cloud optimisation program, which Mr Price said would be completed by Q1 2024.
“We will, however, be extending the original scope of the program to include initiatives to improve our client experience with targeted investments in our core trading and advice software. These will also be concluded by the beginning of 2024,” he added.
Iress also said it plans to invest in building new businesses, including looking towards AI.
“Our immediate focus will be on developing the next generation of wealth capabilities to meet the growing demand for advice, while exploring opportunities in data and AI, and enhancing our connectivity capabilities in wealth and trading,” Mr Price added.
On the back of strong financial results for its advice business announced in April, Iress has made a number of forward-looking announcements, including plans to develop the next generation of advice software.
Mr Price said at the time that the business is “committed to leading the development of the next generation of advice software, as well as investing in future growth in industry connectivity and data and analytics”.
Later in the month, the CEO provided further details of the company’s plans to cater to millennials and digital natives through improvements to Xplan.
Good to see Iress getting back in the game after the walsh era of mismanagement leading to no innovation in Australia for years as the expense of subscription paying clients