Independently-owned boutique advisory firms are leveraging their autonomy and nimble size to trial and implement innovative technology solutions, says the driver of personal financial management (PFM) tool Moneysoft.
Head of operations at Moneysoft, Jon Shaw, said the strong appetite for automated savings, budgeting, cash flow management and goal-tracking tools was being driven by consumer demand for customised, goals-based advice, which was being championed by the IFA community.
“There’s a shift from product-based investment advice to goals-based advice, and advisers are increasingly looking at a person’s investable cash flow in addition to their investable assets, in order to help them understand their lifestyle and financial position, positively change their behaviour and ultimately achieve their goals,” he said.
Sydney-based Omniwealth adviser Hoa Tran, said: “A key benefit of being self-licensed is that we’re able to look at what’s available in the market, road test solutions and determine quickly if they’re the right fit for our clients.
“That’s important for us because we need the freedom to choose solutions that work for our clients and are easy for them to use,” Ms Tran said.
“We’re also often required to work with a client’s other professional advisers including their accountant and mortgage broker, and we’ve found that Moneysoft enables us to provide them with most accurate, up-to-date information."
Moneysoft said more than 30 non-aligned practices have adopted their platform in the last 15 months, and they hope to have 50 non-aligned advisory firms on board by the end of the year.
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