Advisers’ tech usage cause for concern, Netwealth says
Intention has not translated into action for advice practices when it comes to the adoption and implementation of new technologies, the second annual Netwealth AdviceTech research report has shown.
Netwealth joint managing director Matt Heine said the survey, which gathered feedback from over 300 wealth professionals across 26 AdviceTech categories, also showed that only 14.10 per cent of advice practices believed that “technology is pervasive in all customer engagements”.
“This is far from ideal when you consider our customers engage online every day with Facebook, Google and Amazon,” Heine said.
“Our new competitors are not other advice practices or financial institutions, but customer-obsessed tech companies. These companies have a laser-focus on customer engagement, delivering a seamless and highly personalised user experience anytime, anywhere.”
Heine said the survey found that usage rates for many of the 26 AdviceTech categories did not increase from the last 12 months, which he said was “cause for concern”.
“An advice practice needs to invest time, resources and capital in AdviceTech to keep up and get ahead of the game,” he said.
“It takes commitment beyond good intentions – a plan backed by resources and championed by senior leadership.”
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.