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Cloud software in advisers’ future

Amid a “necessary” shift towards online planning software, advisers have also been told there is no better time to start on social media than straight away, according to speakers at Midwinter Financial Services’ AdviceOS roadshow.

The national roadshow is aimed at updating existing subscribers while informing potential clients about the software’s shift to a cloud-based format.

Association of Financial Advisers social media committee chair and director of myonlineadvisers.com.au, James Sutherland, told delegates they may be surprised by how many of their clients are already using various forms of social media, even those in the over-50 age bracket.

“My advice with social media is, it’s not going away,” he said.

“So start, it’s not too late to start, whether it’s Facebook, LinkedIn, Twitter, Pinterest, Instagram, whatever it might be, it’s not too late. The earlier you start and bumble your way through, the more your curve will be in front of other people.

“Get on there, try it, and make mistakes while people aren’t noticing, rather than later on.”

Regardless of the financial services sector in which you deal, engaging clients is key, said Midwinter's head of distribution, Peter Burns, pointing to the example of industry funds losing clients to the self-managed super fund sector.

Midwinter executive director Andrew McClelland told delegates that advice software simply needs to move to a cloud-based format for the sake of adviser efficiency.

“A cloud-based, internet software service is the future. If you want to muck around with desktops you’re doing yourself a disservice,” he said.

More responsive online functionality means advisers are able to move between screens very quickly with close to no loading times, he said.

Data integration also means the end of double data entry, he added.

The roadshow finishes up with sessions in Adelaide (1 October) and Sydney (8 October).