financial planning

Jul
10

Forget Hayne, here’s four ways technology will remake financial advice

Technology’s waves have swamped plenty of other industries, so it’s hardly a surprise they are washing over the provision of financial advice. So much so, there’s talk of yet another “-tech”: as in, AdviceTech. So what’s accelerating the pace of digitisation of financial advice? Four key themes come to mind: First, providers realise the current advice offering does not resonate with customers. It’s a poor “experience”. Stats suggest only one in five Australians gets financial advice. Second, the royal commission into financial services has made it abundantly clear the dominant advice model has too many conflicts of interest. Regardless of whether the inquiry separates product manufacture from providing advice, it […]

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Jul
09

Open banking rules fuel financial planning shake-up

The financial planning industry is poised for a shake-up as the government’s plan to make it easier for customers to access banking data drives new technology that will allow advisers to respond in real-time to the changing financial circumstances of their clients. Open banking will also change the financial advice industry by allowing advisers to tailor their offering to individuals. Grow Super, part owned by IOOF, and Basiq, part owned by Westpac Banking Corp and National Australia Bank, have worked together to build the software that provides alerts to advisers about when to call their clients. The product will be white-labelled for advisory groups to enhance the quality of customer […]

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Jun
28

Younger advisers drive digital client engagement

Financial planners are increasingly looking for digital means to engage clients, latest Investment Trends research shows. The majority (88%) of advisers are strengthening their client relationships using technology-based solutions to interact and disseminate information, this year’s Planner Technology Report found. The younger generation of planners are driving the digital client experience trend, starting with virtual client meetings. Investment Trends research director Recep Peker said this group expects tablet-enabled client meetings and the use of interactive modelling tools during client meetings to become the norm. Peker added the results provide an opportunity for platforms and planning software providers to collaborate with planners. “Technological advancement is rapidly increasing consumer expectations, a so-called […]

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Jun
18

Britain’s Intelliflo expanding to Australia to take on IRESS

Britain-based wealth management software company Intelliflo is expanding to Australia and intends to aggressively pursue incumbent player IRESS’ customer base and dismantle the $2 billion company’s monopoly in Australia. Intelliflo, which is led by Australian Hamish Purdey, was recently acquired by global investment management company Invesco for an undisclosed sum, giving the business the resources to expand internationally. Intelliflo will continue to operate independently under its own brand as a wholly owned subsidiary of Invesco. “We’ve already had inbound inquiries from Australian businesses, as we have from other international companies too, who have seen us from afar and are keen to sponsor our entry to the market,” Mr Purdey said. […]

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May
30

Moneysoft calls on financial planners to help clients understand their expenditure following Royal Commission revelations

Financial planners need to broaden their role and help clients understand their household expenses in the wake of the Royal Commission’s damning revelations. Australian households have racked up record levels of debt as interest rates have been cut to historic lows in recent years, but the Commission heard that most lenders still over-rely on the poverty-level HEM benchmark that underestimates true living costs. “The Financial Services Royal Commission has raised many disturbing issues across the banking and advice industry. It will inevitably lead to widespread and much-needed reform,” said Moneysoft CEO Peter Malekas. “However, we shouldn’t wait for the final report in 2019 to reassess as an industry, what we […]

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Feb
08

Intiger backs artificial intelligence to woo financial planners

Financial planning tech company Intiger Group (ASX: IAM) has posted an operational market update relating to its recent activities, saying that the future financial planning in Australia lies in automated artificial intelligence (AI) and scalable software. Boosted by a recent product trial deal signed with three of Commonwealth Bank’s largest financial planning subsidiaries, Intiger expects to commence product trials in Q1 2018. Commonwealth Financial Planning, Count Financial and Financial Wisdom represent Intiger’s three largest users, with access to thousands of financial advisors across Australia. Depending on the performance of Intiger’s pilots over the coming 12 months, Intiger could see its software rolled out across Commonwealth’s broader network serving millions of […]

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Jan
08

Digital advice platform SuperEd gets $5m from financial services veterans

A powerful group of financial services veterans including banker Mark Johnson and Shadforth Financial Group founder Kevin Bailey have invested $5 million into a digital advice platform set up by former Vanguard Australia chair Jeremy Duffield. SuperEd was founded in 2012 by Mr Duffield and former Westpac executive and technology entrepreneur Hugh Morrow, with a mission to help the 80 per cent of Australians who go into retirement without help access cheaper financial advice online. The Sydney-based venture raised over $2.5 million last year from its team and angel investors, and completed the latest $5 million capital raising at the end of 2017, with staff and existing investors making up […]

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Dec
11

The time is now for financial advisers to embrace fintechs

Advisers need to think about fintech services as more than just potential competitors for their market and start thinking about how to capitalise on the sectors’ strengths, writes Sharesight’s Douglas Morris. Recently, the Financial Planning Association of Australia (FPA) released a white paper on fintech titled Mapping Fintech to the Financial Planning Process – Why Fintech is Not a Threat. “Not a threat” meaning fintech provides an opportunity for financial advisers as opposed to eating a financial planner’s lunch. The FPA has done a commendable job assessing the landscape, asking the right questions and separating out what really should concern financial advisers. Disruptive moments are paired with opportunity and they’ve […]

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