Technology-driven client engagement a focus for firms
Four in five advice firms are likely to invest more in client engagement AdviceTech this financial year than in the previous one, as well as almost half planning to adopt scaled advice tools in the next 24 months.
Close to one in four businesses already use scaled advice technology, an increase of just 13.1 per cent in 2018, and more advice practices are using social media, SMS, video conferencing and chat bots to engage with clients.
These were the results of Netwealth’s third AdviceTech research report, which also found that more than half of advisers believed that client communications and engagement processes will be the area of advice most impacted by AdviceTech in the next five years.
"With tech companies such as Netflix and Amazon revolutionising the customer experience, it's no surprise that advice firms are also capitalising on technology to keep up with these changing expectations,” Netwealth’s joint managing director, Matt Heine, said on the findings.
"Artificial intelligence, RegTech and Robo-advice are all expected to be important technologies to help drive this. They will underpin how the industry evolves.”
Heine also noted that the move towards scaled advice was part of the shift in customer experience expectations, as consumers want a more personalised service offering.
The survey was based on an examination of the technology usage and trends of over 330 financial advice firms.
AUTHOR
Hannah Wootton
Recommended for you
While model figures provide valuable insights on how advisers can draw benefits from managed accounts, Zenith’s head of portfolio solutions has argued that professional judgement and quality research are key to successful implementation.
While the number of financial services staff using AI has almost doubled in the last year, two surveys have revealed that fast-paced AI adoption has led to governance gaps and growing concerns about job security.
Entireti has partnered with Striver to connect graduates and job seekers with its advice network to support the placement of new talent.
ASIC has cancelled the Australian financial services licence of Ivy League Capital Pty Ltd, a firm authorised to provide advice in relation to managed investment schemes.
