Planners should not fear advice technology
Dealer groups and financial planners have nothing to fear from the push by industry funds to provide advice to their members, according to a director of advisory technology firm, Provisio Technologies, Cameron O’Sullivan.
O’Sullivan said that superannuation funds were now clear leaders in pushing advice technology and were taking steps forward in terms of achieving the Government’s aim of providing advice to the general public – something that would not have happened without the use of technology.
Claiming dealer groups and planners had nothing to fear from the move by the industry funds, O’Sullivan said it represented a valuable service to members who would usually miss out on advice altogether.
“The advice services implemented by the super funds reach the bulk of the population who have never seen a financial planner, and are unlikely to ever do so,” he said.
“In most cases this is providing the most basic advice, which would not impact on the majority of financial planners,” O’Sullivan said.
The Provisio Technologies director said the same tools could also benefit financial planners who might also wish to engage with clients online.
"All planners and dealer groups have a reasonable number of clients with relatively simple advice needs, and automating some of those processes can free up more of their time and lower the cost per client of providing advice," he said.
AUTHOR
Mike Taylor
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.
