Benefits for planners who embrace fintech
Greater retention and client referrals are just two of the benefits the Financial Planning Association (FPA) is identifying for advisers who are adaptive to fintech solutions.
The FPA has urged planners to “thrive in the face of change” and look to engage clients better by being adaptive professionals.
The fintech whitepaper released last week by the association touted the following benefits from increased fintech engagement:
- Higher than average net promoter scores
- Increased referrals
- Greater retention and no opt in leakage
- Higher profitability and margins above those of the average advice business
- Higher conversations from prospect to sale
“While some may see fintech as a threat, we believe if presents financial planners with an exceptional technological opportunity to engage clients in new ways,” said FPA chief executive, Dante De Gori.
“When it comes to financial planning, [clients] desire easier and more efficient interaction.”
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.