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."
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.