Collating data from over 9,000 users, Ensombl’s Adviser Wrapped found technology among the most common discussions across the adviser sector.
Conversations revolving around AI tools, platforms, and customer relationship management (CRM) systems took centre stage, while the technical aspects of strategic advice, including superannuation and SMSFs, continued to be widely debated.
Other key topics included ethics, Centrelink, professional development, and ongoing service fees, all reflecting the broad range of issues with which advisers are grappling.
- AI tools.
- Ongoing service packages.
- Scaling a HNW practice.
- Third-party authorities.
- Carry forward superannuation contributions.
Clayton Daniel, chief executive of Ensombl, noted 2024 felt like a “tipping point” when it came to interest and growing knowledge of how to use AI-based tools in advice.
“The majority of practices may not yet be implementing AI, but there is certainly a widespread acknowledgement of its importance in driving both efficiencies and a better client experience,” he said.
“At the same time, advisers remain just as focused on their obligations as professionals and technical experts, as can be seen in the popularity of discussions related to ethics, professional development, and investment markets.”
Other significant areas of interest were how to scale a high-net-worth business and how to effectively communicate fees to clients.
Appeal of private markets
According to Ensombl, advisers also actively sought out asset-class-specific information, such as understanding uranium, which has seen multiple ETF launches, and private equities.
“To be understanding the nuances of private markets and demand for uranium, while also trying to implement a tech stack and introduce a new fee schedule, is a crazy amount of territory to cover, yet advisers are having to do this every day,” Daniel added.
“Fortunately, with the help of their professional peers, it is a challenge they seem more than capable of meeting.”
Private markets have been a popular area of interest for advisers across 2024, as they seek to understand how to incorporate these investments in client portfolios towards improved diversification and risk-adjusted returns.
According to Schroders’ Global Investor Insights Survey, which surveyed over 2,800 respondents globally, including 795 in Asia Pacific and 159 in Australia, advisers are leaning into private market exposures.
Over half (55 per cent) of financial advisers globally said they are already investing in private assets, and a further 19 per cent said they plan to do so in the next one or two years.
A recent report by Praemium also highlighted a growing appetite among high-net-worth (HNW) individuals for private market investments, creating a significant opportunity for advisers.
Some 146,000 HNW individuals are currently investing in private markets, with 32 per cent planning to increase their investments in the next year. Additionally, another 32,000 investors are expected to enter the market within the next 12 months.
