Practifi to expands further into Australian market
Sydney-based financial advice technology provider Practifi has announced plans to expand further into the Australian market following investment into its data-driven wealth management platform.
Completing its $24 million Series B investment led by US-based venture capital firm Updata Partners in 2020, Practifi planned to launch a comprehensive business intelligence platform and a new app dedicated to supporting M&A.
Practifi president and co-founder, Adrian Johnstone, said: "People talk about how the advice industry in Australia needs to change, but a lot of this boils down to the technology and the tools that drive it.
"Financial advice is a technology-enabled industry so this must change for the industry to thrive here.
"Practifi is not simply an advice or CRM platform; we are an end-to-end business performance optimisation tool."
Johnstone said while the advice industry in Australia had been in turmoil, firms that had emerged strongest were those with a value proposition that went beyond basic transactional advice and where adviser success was tied to the performance of the portfolio.
“Advice businesses with a deep and holistic understanding of clients will thrive, and all others will continue to contract."
AUTHOR
Liam Cormican
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
