Worksorted shines as Adviser FinTech of choice

Worksorted shines as Adviser FinTech of choice

According to the 2020 Netwealth AdviceTech report, 57.1% of Advice TechStars plan to invest more in operations and workflow technologies through 20/21.

The recently released 2020 Netwealth AdviceTech Survey spoke volumes of the current state of FinTech adoption amongst “AdviceTech Stars” – role models who use technology extensively, and in ways that bring tangible benefits to themselves and to their clients, resulting in strong business success and high client satisfaction. These businesses were identified as tech leaders; those at the forefront of innovation and technology in the advice industry.

A clear takeaway from the report was South Australian FinTech, Worksorted, capturing significant market share across the advice sector in Australia; specifically in the categories of CRM and Commissions Management.

“Our mission at Worksorted is quite simple. We find faster and easier ways for advice professionals to manage their business,” says Worksorted CEO Simon Betchley (pictured).

“We have doubled down on our key strengths over the last 12 months being CRM, revenue management and workflow. Worksorted’s positioning as a leader in the CRM and Commission Management categories is testament to the work that has been done and the results of the Netwealth survey speak for themselves.”

Not surprisingly, 98.9% of AdviceTech stars recognise the critical role the CRM plays in powering their business to know all there is about a client and to collect, store and manage that information in a way that makes it available to support a range of critical activities.

While most advice practices are utilising a CRM, the report identified three functions of CRMs that are currently being overlooked, specifically:

  • Email marketing integrations
  • Analytics, reporting and dashboards
  • Prospect/lead management

“A big focus when building new functionality and tools through our software is the ability to present large amounts of data in a valuable, easy to understand format,” says Worksorted’s Founder, Dan Fitzgerald.

“We have done so by ensuring every time an individual logs into Worksorted, the business metrics most critical to the user’s role are presented through meaningful and customisable dashboards. This allows individuals to analyse large amounts of data quickly, and to identify and act on trends or anomalies in an efficient, accurate manner.”

The report also found that Advisers are becoming more open to investing in tech that is not widely adopted through the industry, if the platform is considered trustworthy and stable.

Whilst the larger, global tech provider(s) still hold the significant market share across several categories, there is an increasing trend in advisers moving away from the ‘all-in-one’ solution and adopting best-of-breed technologies that serve a specific purpose.

Unsurprisingly, 21.4% of AdviceTech stars also reported they would prefer to use alternate software than they are currently, however, they face the barrier of licensee/dealer group mandated software.

“While many of the advice firms we work with come to us to increase efficiencies and to be the central, operational hub of their business, there is an increasing demand for technology that provides data independence and ownership. With more and more licensees mandating software, many advisers feel they are losing control, ownership and independence of their data which is debatably the most valuable resource of any advice practice,” says Betchley.

“In addition to internal system enhancements, our major focus over the coming 12 months will be integrations and connectivity with industry leading software solutions being utilised by advisers.”

Worksorted have recently integrated with the most used accounting software (Xero) and digital signature tool (DocuSign) as indicated by the AdviceTech report.

“We plan on continuing integration conversations with vendors that are providing genuine process efficiencies and exceptional user experiences for our mutual clients,” Betchley says.

But what makes Worksorted stand out?

“Being a 10 year independent company, we have seen many of the latest and greatest flashy pieces of tech come and go, however, one thing remains the same: the providers that stay close with their clients, stay on top of advisers tech requirements and maintain a development and support team that exceeds the size of their sales and marketing team seem to maintain a healthy position in the market,” says Fitzgerald.

Worksorted serves as the practice management solution for hundreds of advice firms across Australia and New Zealand. The Adelaide-based company delivers efficiency, accuracy and peace-of-mind to all levels of an advice firm through simple and intuitive functionality, customisable and personalised features and powerful reports and dashboards.