Advisers’ tech usage cause for concern, Netwealth says
Intention has not translated into action for advice practices when it comes to the adoption and implementation of new technologies, the second annual Netwealth AdviceTech research report has shown.
Netwealth joint managing director Matt Heine said the survey, which gathered feedback from over 300 wealth professionals across 26 AdviceTech categories, also showed that only 14.10 per cent of advice practices believed that “technology is pervasive in all customer engagements”.
“This is far from ideal when you consider our customers engage online every day with Facebook, Google and Amazon,” Heine said.
“Our new competitors are not other advice practices or financial institutions, but customer-obsessed tech companies. These companies have a laser-focus on customer engagement, delivering a seamless and highly personalised user experience anytime, anywhere.”
Heine said the survey found that usage rates for many of the 26 AdviceTech categories did not increase from the last 12 months, which he said was “cause for concern”.
“An advice practice needs to invest time, resources and capital in AdviceTech to keep up and get ahead of the game,” he said.
“It takes commitment beyond good intentions – a plan backed by resources and championed by senior leadership.”
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
