Using tech to drive client goals

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 director, Recep Peker, says over the last four years, fewer and fewer advisers have said their practice profitability improved, which means technology has its work cut out for it in terms of solving practice challenges.

“In the last year the average adviser added 20 new clients, but they lost 35 active relationships,” he says.

“They’re seeing an outflow in clients, and it’s not so much that the client is leaving the adviser, it’s the fact that the inefficiencies in their business aren’t giving them the time to be able to get to all of their clients.”


To read more, please click on the link below…

Source: Using tech to drive client goals | Money Management