Financial advisers urged to be cautious on technology investment
Financial advisers should take certain precautions when investing in technology, according to Synchron chair Michael Harrison.
Speaking at the Association of Financial Advisers (AFA) roadshow in Sydney, Harrison said that before spending any money on technology, financial advisers must ask themselves two questions:
"Will this make my business run more efficiently, and will this tool generate more business?" Harrison said. "If the answer to both these questions in 'no', then it's not a business tool, it's a toy."
Harrison said the technology business tools currently available did not necessarily have to be advice-specific, noting that voice recorder software, video-call recorders and cloud computing all prove themselves as "absolute winners".
"Many advisers, particularly those in regional areas, are already using Skype to take advantage of free audio and video calls to clients," Harrison said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
