Fintech sector falling short on adviser-focused solutions

Fintech sector falling short on adviser-focused solutions

To the frustration of many Australian financial advisers, the fintech sector has not yet delivered effective tools for the financial planning industry. Most of the current activity in the sector is focused on offering solutions for individuals – and these offerings are struggling to convince consumers to pay directly for them.

There is a clear unmet need in the adviser space. Wayne Robinson, InvestmentLink Chief Technology Officer, believes that the industry should be focused on meeting this unmet demand. He says it’s also the market that will be willing to pay for the right solution.

“We think that advisers will be happy to pay for a platform that delivers what they actually need. While some products for advisers have been developed, most on the market at the moment have been developed for specific dealer groups, with limited application or adaptability for the wider adviser community.”

“We have been working with financial planners for over 20 years and our clients tell us they are looking for a product that they can integrate into their practices. They are looking for a product that can cut administrative time and allow them to focus on value-adding advice.”

We are working with a number of our clients at the moment around delivering a tool specifically developed for them – one that will help planners and accountants better engage with their clients.

Robinson says there is some specific functionality that they are looking for. “Firstly, it needs to be intuitive to use for both the adviser and the client, it has to be able to be branded to the adviser’s practice so that the client is interacting with the adviser not just the application, and the ability to share data is crucial.

“Properly leveraging available data will also allow for proactive client monitoring and enhanced and automated compliance abilities. The platform should be able to deliver notifications to advisors – alerts that the advisor needs to engage with the client.

“A good technology solution will reduce costs and increase efficiencies for both planners and clients.”

1 Comment

  • We agree! That’s why we created Fincast. We specialise in creating white labelled solutions for Advisers and Wealth Managers. Our solutions are tailored for specific market segments and are being used across Asia Pacific by IFAs, wealth groups, boutique investment houses and major banks. We firmly believe that the future of financial advice lies in the combination of face to face adviser expertise and technology to enhance efficiency for the adviser and engagement for the client.

    Chelsea Reply

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