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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
