The Netwealth AdviceTech Research Report 2017 – which will be exclusively launched at the upcoming Adviser Innovation Summits in Sydney on 1 June and Melbourne on 8 June – found that technology is winning “hearts and budgets” in the financial advice community.
Of the 200 advisers surveyed, 79 per cent indicated they intend to spend and invest more on customer engagement tools in the next financial year, while 73 per cent intend to spend and invest more on “advice and financial planning technologies” and 69 per cent will spend more on “operations processes and workflow technologies”.
“This finding demonstrates the value of AdviceTech to advice practices and recognition of its importance to the functioning and continued success of practices,” the report states.
“Technology and innovation is an integral part of the advice industry and this is set to continue.”
The verdict that advisers are willing to increase their technology spend is one of a number of findings of the report that will be revealed at the upcoming summits and the wider release of the subsequent report.
Netwealth joint managing director Matt Heine said the positive sentiment of advisers towards investing in technology is encouraging, but more needs to be done to build a culture of innovation and adoption.
“To have a bourgeoning AdviceTech community, we need great technology and forward-thinking people, working together to break down barriers, create opportunities and build new horizons,” Mr Heine said.
“We also need advisers who are willing to embrace new technologies and adapt their business processes and models by recognising new opportunities and spotting trends that matter.”
For more information on the Adviser Innovation Summit 2017 please visit: https://www.aisummit.com.au/
well said. the only solution to over regulation is self regulation. However it’s a hard job when many advisers are flat out being convinced of the necessity of doing a little further education like a Tafe certificate in financial planning.. too late now now they’ve got a lot more to do.. Get rid of dealer groups would be a start.
After recently completing a dealer group compliance assessment I’m sad to say I agree with you Steven. The assessment was open book. I was free to refer to the 400 pages of compliance policy. I have on occasion sent the 400 pages to clients when they ask me why we are taking so long to take care of their needs. It’s enough to make a long term life insurance guy weep and consider switching to a different career.
Guys and girls, WAKE UP! You are putting a band aid on a major artery being severed. You are ignoring the blatantly obvious and no amount of getting together and rubbing each others backs will solve this major issue that every client and practice complains about. Those that will comment to the contrary are complete liars and snake oil salesmen. The biggest problem you are facing is compliance. The ridiculous burden placed on every adviser/practice that makes you need to charge your clients THOUSANDS OF DOLLARS just to produce a ridiculous SOA that no one wants to read let alone pay for. This industry has been hijacked years ago by self promoting selfish institutions that have ruined the industry for both clients and advisers.
This cost of compliance is ridiculous and is every advisers major threat to existence.
Getting on board with technology is a must, finding better ways to advise is a must, helping clients change their perception of this industry is paramount, getting rid of this ridiculous compliance burden on everyone is and should be your number one priority.
Every single practice will be worthless in coming years unless you tackle this problem now. Here is a big hint, your industry bodies & our clueless politicians will not help you fix this, they will only make it worse. Wake up before it’s too late.