Agility key for evolving needs of advice clients
Technological dexterity is necessary for responding quickly to adviser demands, according AdviserLogic's head of product development, Daniel Gara.
Speaking on AdviserLogic's 10th year since development officially began on the software, Gara noted the importance of advice practices being able to adapt to meet the "ever-changing" needs of advice clients in the face of an evolving legislative framework.
"We consider how advisers will actually use the software on a day-to-day basis. Of course our aim is to help make advice businesses more efficient, but we also want to help advisers with client relationship management," Gara said.
"We therefore also consider what will help facilitate relationships with advice clients. We believe this focus is the secret of our success."
Gara confirmed that the company had serviced over 1,000 users over the past decade with over $14 billion in assets under advice, as well as forming relationships with almost 238,000 end clients.
Other key milestones over the past decade include attaining $91 billion in risk insurance under advice, a total of 826,000 investment transactions recorded and facilitating 36 direct datafeeds from superannuation and investment platforms.
Last year, AdviserLogic also launched cloud-based revenue management tool OnPay, geared at helping Australian licensees and advisers take control of their fee and commission data.
"OnPay was launched to help relieve the ever-increasing burden on licensees and advisers in terms of fee disclosure requirements and potential new regulatory requirements," Gara said.
"We believe that as time goes by, OnPay will become increasingly more important to the sustainability of licensee and advice businesses."
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
