Fintech failing to provide solutions for advisers


Advisers are continually frustrated with the lack of development of effective tools for financial planning from the fintech sector, and are focusing attention on offerings for individuals who are not attracted to their cost, according to InvestmentLink.
The fintech sector would need to focus on meeting adviser demand for digital tools for the planning industry which InvestmentLink chief, Wayne Robinson, said advisers would likely be willing to pay for if it made work simpler.
"While some products for advisers have been developed, most on the market at the moment have been developed for specific dealer groups, with limited application or adaptability for the wider adviser community," he said.
"Our clients tell us they are looking for a product that they can integrate into their practices. They are looking for a product that can cut administrative time and allow them to focus on value-adding advice."
Robinson said advisers were waiting on the fintech sector to develop tools suited to both adviser and client which were based around a defined functionality.
"It needs to be intuitive to use for both the adviser and the client, it has to be able to be branded to the adviser's practice so that the client is interacting with the adviser," he said.
"Properly leveraging available data will also allow for proactive client monitoring and enhanced and automated compliance abilities.
"A good technology solution will reduce costs and increase efficiencies for both planners and clients."
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.