There are too many choices of software in the industry, making it challenging for advisers to integrate new technology, according to advice consultancy YTML.
Speaking at a media roundtable in Sydney yesterday, YTML director Terri Ho said the reason technology remains a challenge for advisers and licensees is because there are too many choices of software, not because they think it’s too hard or they don’t want to embrace it.
"There are just too many choices [of software]. The problem with too many choices is that you don't know how to combine them," Ms Ho said.
Ms Ho noted that another problem for advisers around technology is that a lot of software and applications "don't talk to each other”.
“They all work in silos. There is so much fantastic software out there, and they all can make such a big difference to an adviser's life," she said.
YTML said the advice industry will struggle to take the next major step in its evolution unless technology providers collaborate in solving the operational frustrations, which it says has long characterised the advice industry.
YTML chief executive Kevin Liao said collaboration starts with software providers being receptive to the notion of working together.
“We then need to have an open dialogue and challenge ourselves on how we can leverage our respective complementary strengths to create solutions that make it operationally easier to deliver advice,” Mr Liao said.
For example, Mr Liao said the development of more agnostic software providers will help reduce the prevailing silo mentality of software providers.
He said this will go a long way to improving the customer experience delivered by the advice industry.
“There is such an opportunity for this industry to take a huge step forward,” Mr Liao said.
“I encourage all players, large and small, to look at the big picture and be part of that movement.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
Resolution Life Australasia severs ties with AMP.
AMP and TAA have sought an increase in the cap on life insurance commissions for financial advisers.
The government has announced a post-implementation review of the removal of the stamping fee exemption.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.