Software and CRM provider PractiFI says the FOFA debate is distracting advisers from the significant importance of client relationships.
PractiFI co-founder Adrian Johnstone said in a statement that if advisers harnessed technology to manage relationships, engagement between the industry and clients would improve.
“Every adviser wants good relationships with their clients, and the average Australian doesn’t know or care about FOFA, but for those of us in the industry, FOFA has dominated the conversation and our attention for far too long,” he said.
“We’ve missed a huge opportunity for technological advancement in the single most important aspect of our businesses: our client relationships,” he added.
According to PractiFI, the financial adviser industry needs to catch up on contemporary standards of customer relationship management (CRM) technology in order to regain ground lost over recent years.
Mr Johnstone said that although the wealth industry has typically spent big on technology, the “proliferation of out-dated, inflexible software” is evidence that the industry has fallen behind what’s possible.
“The number one aim of PractiFI is to bring the best of contemporary CRM features to a neglected industry, allowing advisers to strengthen their relationships and improve business management,” he said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all