The fintech sector has yet to deliver effective tools for the financial planning industry, argues financial data provider InvestmentLink.
In a statement this morning, InvestmentLink said most of the existing fintech is focused on offering solutions to individuals, and struggling to convince consumers to pay directly.
Instead, fintech companies should be focused on satisfying the unmet demand in the financial advice space, said InvestmentLink chief technology officer Wayne Robinson.
“We think that advisers will be happy to pay for a platform that delivers what they actually need. While some products for advisers have been developed, most on the market at the moment have been developed for specific dealer groups, with limited application or adaptability for the wider adviser community,” he said.
“We have been working with financial planners for over 20 years and our clients tell us they are looking for a product that they can integrate into their practices.
They are looking for a product that can cut administrative time and allow them to focus on value-adding advice.”
Mr Robinson added that one of the functionalities that advisers are looking for includes an intuitive usability for both advisers and clients.
“It has to be able to be branded to the adviser’s practice so that the client is interacting with the adviser not just the application, and the ability to share data is crucial,” he said.
“Properly leveraging available data will also allow for proactive client monitoring and enhanced and automated compliance abilities. The platform should be able to deliver notifications to advisers – alerts that the adviser needs to engage with the client.
“A good technology solution will reduce costs and increase efficiencies for both planners and clients.”
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