financial planning


Australian FinTech company profile #98 – AstuteWheel

AstuteWheel provides financial planning software for premium financial planners so that they can provide better level of advice to their clients.


Tech puts value of advice in question

Addressing a room of financial advisers at the Portfolio Construction Forum’s 2019 Finology Summit yesterday, US-based financial planner, Michael Kitces, says advisers should turn their attention away from the regulators and towards technology if they want to stay relevant. Kitces said technology has slowly (and silently) been disrupting the financial advice industry since Wall Street brokers traded stocks for non-negotiable fixed prices in the 50s, and, while advisers may think it’s the regulators that are forcing change, Kitces makes the point that regulators are simply reacting to it. “There’s a tendency to solve the last crisis rather than the next one,” he said. But, five industry trends he sees reshaping […]


Midwinter announces technology partnership with BUSSQ and Skylight Financial Solutions

Australian based financial advice technology provider Midwinter Financial Services announced its recent technology partnership with BUSSQ superannuation fund. This has seen Midwinter’s AdviceOS platform utilised for a range of advice channels within BUSSQ, namely face-to-face and phone-based advice. BUSSQ has also employed the use of Midwinter’s Client Portal as a meaningful client engagement tool. This partnership is in line with BUSSQ’s launch and rebrand of its financial planning business as Skylight Financial Solutions – which provides advice across all topics, within and outside of superannuation. Midwinter’s Head of Institutional Growth, Salvador Saiz is delighted about the ongoing relationship, saying, “Midwinter has worked closely with the BUSSQ and Skylight team to […]


Fintech should make advice ‘enjoyable’

A software integration firm has highlighted how technology should be about making the client experience of advice more “enjoyable” as well being agile to constantly changing adviser needs. At a media roundtable in Sydney yesterday, YTML director Terri Ho said a lot of emotion is attached to financial advice, however it tends to become really dry and go down to the numbers. Further, she said that a lot of the time, trust is more important for the client and that it’s those emotional aspects that clients are looking for. “We have to make advice enjoyable. We have to make the experience of receiving advice enjoyable. And it’s certainly not enjoyable,” […]


Financial planners should focus on money management

Financial planners should embrace technology to help their clients focus on money management as a central component of financial advice, according to Moneysoft. Although the technology was out there, only a minority of financial planners offered money management or budgeting advice to their clients, citing concerns about the time it would take to offer such services and how to charge clients for this, the firm said. At the same time, the lack of advice on budgeting was named as one of the top unmet advice needs for an average Australian, alongside with retirement planning, according to research house Investment Trends. However, budgeting and money management should be offered as a […]


How one financial planner’s cultural change is helping tackle Australia’s debt problem

Financial planners are helping to tackle Australia’s escalating debt problem as the industry shifts from selling products to providing holistic advice with money management at its core. Australia’s household debt-to-income ratio has risen sharply in recent years and now ranks as one of the highest in the world at about 190 per cent, according to the Reserve Bank of Australia. Meanwhile, more than one in six (18.5 per cent) consumers are struggling under a mountain of credit card debt, according to a report by the corporate regulator, ASIC. Yet only a minority of financial planners offer money management or budgeting advice, citing concerns about the time it takes to offer […]


Advice Intelligence launches new world financial planning technology

Advice Intelligence (a.i.) has launched Version 1.0 of it’s software platform to financial advisers across Australia.


Using tech to drive client goals

The financial planning industry is in a state of transformation following revelations from the Banking Royal Commission and reviews by the Australian Securities and Investments Commission (ASIC). Fees-for-no-service and regulatory negligence will be rightly replaced by goals-based, client-centric advice, and technology will work as a driver. Tech has already infiltrated the industry, evidenced by large Australian planning firms and fund managers integrating their services with platforms and apps, and simplifying claims processes through online applications. And, while industry experts note the entire backbone of financial planning is archaic technology, they’re confident the world of application programming interfaces (APIs) will completely reform the advice and practice management processes. Investment Trends research […]