Institutions coming around to innovation: adviser

On the inaugural Adviser Innovation Podcast, Darren Johns, director of non-aligned advice firm Align Financial, spoke about institutional licensees historically holding back from adopting new technology in improving their engagement with clients.

“I think it is a challenge to meet compliance obligations and then, secondly, successfully integrate new pieces of technology which licensees may or may not understand,” Mr Johns said.

“They have to approve of it; whether or not they understand it is another thing.

“But I think if [institutions] continually [hold] back new pieces of technology, I really don't think it's a tsunami they can fight off forever.”

Mr Johns said larger institutions are now at least open to the idea of using newer technology, even if they’re not quite yet acting and implementing it.

“I think there's a growing awareness of what's out there and what else is happening, and that it doesn't necessarily have to be an either/or choice,” Mr Johns said.

“They can include some parts of newer technology and still meet all of their regulatory and statutory and shareholder commitments and obligations, which I think is a good thing for both the adviser and the client.”

Last year, Mr Johns was named the winner of AFA's Adviser of the Year award.

To listen to the full Adviser Innovation Podcast featuring Darren Johns, click here.