Data talent shortage imminent at advisories

The advice industry does not have enough qualified people to handle the incoming cloud computing revolution, according to Finura Group.

Speaking at the IMAP InvestTech Virtual Conference, Peter Worn, Finura Group joint managing director, said cloud computing services from massive tech firms such as Microsoft, Google and Amazon would fundamentally change the way advice was created.

“These are enormously disruptive influences that may have been out of reach for smaller businesses a decade ago but right here and now those things are coming your way and you will have opportunities to build those technologies yourself,” Worn said.

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“You will be recruiting people in your practice that are really good with data, really good with client experience because ultimately, you're going to have all the software tools that you need to do it. What you’ve got to be great at is pulling it all together and making it usable and realistic.”

Worn said if he was running an advisory and thinking about his future roadmap of staff, he would be less focused on administration staff and traditional paraplanners and more focused on staff with data experience.

“The great thing is we have a university system and an education system that is going to be pumping out a lot of graduates who are great in this space,” he said.

“This is a number one employment area, and our industry has to recruit more people from this space because we have a real talent shortage.”

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