Following extensive investment in 2020.
Practifi has announced plans to expand in the Australian market with its data-driven wealth management platform.
In 2020, the local advice business management platform completed a $24 million Series B funding round.
The Series B funding round was led by US-based Updata Partners with participation from existing Series A investors Equity Venture Partners (EVP). Practifi said at the time that the funding would be used to scale the team, expand presence around the globe, and invest in the software platform to further elevate the client experience.
Now, president and co-founder Adrian Johnstone says Practifi can help change the Australian industry following heavy investing in its platform that now delivers role-based applications, providing each team member access to a unique set of data they need to make for data-driven decisions.
“People talk about how the advice industry in Australia needs to change, but a lot of this boils down to the technology and the tools that drive it,” he explained.
“Financial advice is a technology-enabled industry so this must change for the industry to thrive here."
Mr Johnstone continued: “The advice industry here in Australia has been in turmoil but the firms that have emerged strongest are those with a value proposition that goes well beyond basic transactional advice where adviser success is tied to the performance of the portfolio.
“Advice businesses with a deep and holistic understanding of clients will thrive, and all others will continue to contract.”
Over the next 12 months, Practifi will look to accelerate its vision for the Australian market and emphasise the advantages of “data-driven logic across all roles”, as well as launching a new app dedicated to supporting M&A.
“We’re excited to power more possibilities for the industry and provide the technology data-driven businesses need to scale and accelerate,” Mr Johnstone said.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
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