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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
