Financial services technology provider Avantek has launched a client engagement tool both to improve client literacy and to enhance interactions with financial advisers.
In a statement, the technology developer said the tool, Wealth Report, presents people with their current position, calculates future scenarios and tailors relevant actions for them, in turn creating the need for them to see a financial adviser.
Speaking to ifa, Avantek managing director and creator of Wealth Report, Tim Woodhouse, said there is a financial literacy problem in Australia and people are not “crossing the road” to visit financial advisers for help.
“What we wanted to do was develop a bit of a middle ground where people in their own time can interact with something where they self generate a document or a piece that gives them a picture of their current situation,” Mr Woodhouse said.
“[It] gives some scenarios that are presented in the future and then from there they are empowered to make informed decisions and [to] go and see a financial planner.”
Mr Woodhouse added that the tool lets clients know what they should be talking to a financial adviser about, rather than their going straight to an adviser and not knowing what they need specific help with.
“[We are] presenting something to them and saying, over the next 20 years this is how you look and [we] sort of give you some sort of scenario here. You may have to potentially redraw into the equity in your home or you will be short on super or whatever the situation maybe, and then what it does is it pin points for the consumer what they should talk to the financial planner about,” he said.
“It [then] gives a financial adviser a bit of a heads-up as to what they need to talk to the client about,” Mr Woodhouse said.
Many people who dipped into their superannuation under the early release scheme ...
Software providers Brokerpad and Optimo Financial have rolled out an integrated ...
First Sentier Investors has completed its global rebrand process, axing the name...