Tech that is helping advisers now

Technology innovation to date has failed to provide the productivity uplift the advice industry needs to drive transformational change and to enable more digital and engaging client experiences.

According to industry experts, this is due to the lack of connectivity within the tech stacks being built by individual practices, but also across the industry.

Connectivity to prevent downstream challenges

“None of these tech systems thus far have created a step change because it needs the connectivity between all the work that gets done in the advice system, into the implementation, registry system and in a consistent way,” said Jason Entwistle, Director Strategic Development, HUB24.

He added: “The incremental saving of an efficiency from adopting one piece of technology in one area, layers burden on other areas because it doesn’t connect.”

InvestBlue CEO David Stephen said unfortunately, this has seen some areas such as investments, go backwards.

“There was a time when you could just push out of your financial planning software, pre-populated forms when the forms were not online module systems.”

The tech that advisers are using

Despite this, advisers are using technology and innovation in their practices to record meetings and triage actions, streamline file notes, prepare documents and to monitor compliance.

Data connectivity is also being leveraged to support more efficient implementation of advice. Rhombus Advisory Chief Adviser Office Darren Whereat said these data feeds are better facilitating connectivity across the industry. Profile Financial Services Chief Executive Lena Ridley said her business is using YBL generative AI which links to xplan as well as Otter for client notes.

On a recent trip to the USA, Adele Martin, founder of Financial Adviser Scale Squad, explored a range of exciting AI tools—many of which aren’t available in Australia yet.

However, one powerful Aussie tool that is available is Claras.ai, a CRM platform which American practices were using to save 5–10 hours a week by recording the transcript from client meetings and triaging actions across the team, with an email recap sent to the client.

Client portals facing into the productivity challenge

Client portals are also emerging as an effective productivity solution, supporting client engagement, data security and collaboration between financial professionals. Solutions such as myprosperity are gaining greater awareness and traction with adviser’s keen to enhance their cyber security whilst also delivering greater efficiencies and improved client experiences.

This activity confirms the industry’s readiness to engage and utilise technology and innovation, a pivotal point in the industry’s evolution as it moves away from its past towards a new era of productivity.

“What are the levers we can pull from a practice economics point of view to ensure that you are operating in that profitable way that benefits not only your ability to serve more clients, but the business as well,” said Lena Ridley, Chief Executive, Profile Financial Services.Technology innovation to date has failed to provide the productivity uplift the advice industry needs to drive transformational change and to enable more digital and engaging client experiences.