Fintech failing to provide solutions for advisers
Advisers are continually frustrated with the lack of development of effective tools for financial planning from the fintech sector, and are focusing attention on offerings for individuals who are not attracted to their cost, according to InvestmentLink.
The fintech sector would need to focus on meeting adviser demand for digital tools for the planning industry which InvestmentLink chief, Wayne Robinson, said advisers would likely be willing to pay for if it made work simpler.
"While some products for advisers have been developed, most on the market at the moment have been developed for specific dealer groups, with limited application or adaptability for the wider adviser community," he said.
"Our clients tell us they are looking for a product that they can integrate into their practices. They are looking for a product that can cut administrative time and allow them to focus on value-adding advice."
Robinson said advisers were waiting on the fintech sector to develop tools suited to both adviser and client which were based around a defined functionality.
"It needs to be intuitive to use for both the adviser and the client, it has to be able to be branded to the adviser's practice so that the client is interacting with the adviser," he said.
"Properly leveraging available data will also allow for proactive client monitoring and enhanced and automated compliance abilities.
"A good technology solution will reduce costs and increase efficiencies for both planners and clients."
Recommended for you
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
