Advice firms keen to embrace technology

Adviser Ratings digital advice technology XPLAN

16 March 2023
| By Laura Dew |
image
image
expand image

There is a “strong intent” by advice firms to increase their use of technology and integrate it into their business, according to Adviser Ratings.

These were most likely to be used for online fact-finding, risk profiling, scaled advice and client feedback. Advisers also sought tools which would help clients to visualise their goals and see the impact of various financial scenarios. 

Adviser Ratings said these types of tools would become “even more important” in the current environment as clients grappled with rising interest rates and inflation and the cost of the living crisis.

The firm’s survey of 500 practices found the most-commonly used technology currently was Xplan, used by 39% of firms. This financial advice technology from Iress dominated above other options with the second most-commonly used technology being AdviserLogic from Morningstar which was used by 10% of respondents.

“Post-pandemic, we have also seen a growing desire from advisers and clients for client portal tools where data can be exchanged easily during the advice process,” the research firm said.

It also noted the focus on technology by the Quality of Advice Review where reviewer Michelle Levy stated digital advice tools could complement traditional advice as way to ease the accessibility and affordability burden of financial advice. 

As well as this, tools such as ChatGPT were being integrated into industries and becoming more mainstream.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago