A majority of financial advisers intend to spend more on technology and innovation in FY 2017-18 than they did this year, according to new research conducted by Netwealth.
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.”
An advice industry body has said its members are split on the FPA’s proposal t...
The coronavirus pandemic is likely to drive an increase in M&A activity amon...
The COVID-19 crisis has had a largely positive effect on advice businesses throu...