Uncharted tech areas still to be explored by advisers: Vanguard
Financial advisers should explore how they can best use data to their advantage and to make their businesses more efficient, according to Vanguard.
Speaking to Money Management, Rebecca Pope, head of intermediary for Vanguard Australia, said remote working during the pandemic had helped advisers understand the role and benefits of using technology in their business.
However, she said, there were still parts of technology that were yet to be explored by the advice industry.
“We are still learning about technology and where it can take us, what is the role of artificial intelligence, how can we leverage data to the best of our ability? These are uncharted areas we are yet to explore and we need to think about how we can use them in the future.
“It’s about having a good CRM [customer relationship management] system in place, as this enables advisers to look at clients’ engagement and behaviour and how they can be leveraged more effectively.”
However, while technology had gained ground during the pandemic as more advisers worked remotely, she said Vanguard’s experience in the US had indicated there was still a place for human interaction.
“We have got an advice business in the US which was positioned to be digital only and we learnt that people still wanted to speak to a human in person. Human interaction definitely plays a role so it is really important that companies have a hybrid model. Now [the service in the US] has evolved and it is supported by physical advisers as well.”
AUTHOR
Laura Dew
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
