CyberHUB
Trends from the US – What does this mean for your business?
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Advisor360 is a provider of digital wealth management software in the US. Its 2024 Connected Wealth Report highlights the technology attitudes of 300 financial advisers and executives at enterprise wealth management firms in the US, found that technology is quickly dividing the advice market.¹
It concluded that businesses that failed to invest in technology solutions to make their advisers more productive and better able to satisfy their clients, ran the risk of being left behind.
The report noted:
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‘Advisors are increasingly aware that gaps in technology can affect their livelihood. They are no longer interested in waiting for their firms to catch up—and are willing to vote with their feet to access the tools they need to boost their business. Citing a range of concerns from unreliable data to inefficient onboarding, a staggering 92% of the advisors surveyed said they would switch firms over bad tech.’1
Some other interesting statistics from the report include:
- 58% of advisers have lost clients and prospects due to tech troubles.
- 60% of advisers say it occurred in the last year, with 92% saying it occurred in the past two years.
- 43% of advisers report gaining new clients due to another advisor’s lacklustre technology.
- 93% of advisers who rate their tech as modern/state-of-the-art say they’ve acquired clients from competitors.
- 57% of advisers identified a lack of end investor/client capabilities (61%) as their third key technology challenge behind bad data (61%) and not enough automation/AI enabled capabilities (59%).
- 68% of advisers surveyed rely on their mobile devices daily for client communication, as well as workflow and task management, client reporting, trading, and prospecting for new business.
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How does your digital client experience stack up
Consolidated logins where customers use one login to access a range of services is now the norm and they have become a common way for people to engage with their service providers, setting the standard on client experience.
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The rise of cybercrime
Cybercrime involves activities such as compromising emails and online banking fraud, which according to the Australian Government’s Australian Signals Directorate (ASD), currently make up the top three cybercrime types for business.
The Regulator’s stance on cyber
Although the Australian Investment and Securities Commission’s (ASICs) does not prescribe technical standards on cybersecurity, there is an expectation for licensees to address cyber risk as part of their AFS licence obligations, including risk management.
Mandating cyber change – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Letter box versus inbox – security does differ
Two decades ago, important documents were sent in the mail and stayed in our letter box until we collected it, but this has been replaced with email and cluttered inboxes, leaving it prone to cyber security threats.
Cyber threats – Current response from financial professionals
Despite financial professional’s concern over cyberthreats, most have not acted fast enough and taken advantage of the appetite for change and the tail winds provided by government websites, cyber campaigns and media coverage.
Cyber resilience and its application
Over the past decade, Government and regulators have built a framework of governance for businesses to provide them with a structured approach to cyber-incidents and accountability.
Cyber security quick wins – Tips and techniques
Developing a cyber risk management plan takes some time, but there are some strategies that financial professionals can put in place while it does this, including multi-factor authentication and protecting domain names.
Trends from the US – What does this mean for your business?
Research in the US by Adviser 360 has found advice businesses that fail to invest in technology solutions to be more productive and better able to satisfy their clients, run the risk of being left behind.
How does your digital client experience stack up
Consolidated logins where customers use one login to access a range of services is now the norm and they have become a common way for people to engage with their service providers, setting the standard on client experience.
It’s time to transition to client portals – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Imagine the possibilities – Key benefits of client portals
Client portals are fast emerging as a core capability in nurturing safe and secure collaboration between clients and their financial professionals.
Whole of wealth approach with client portals – A case study
An early adopter of client portals, Sherlock Wealth’s Owner and CEO, Andrew Sherlock, said it’s an integral piece of technology that his business uses with many of its clients.
Break the reliance on email – Together, we can make a difference
Financial professionals, as trusted advisers, can take a leadership position in ensuring data security with their clients, leveraging client engagement to provide them with a reason to do it.