The need for ‘joined up’ digitisation is one of the biggest technology challenges in financial advice, according to panel of industry experts.
Speaking at Money Management’s Future of Wealth and Advice conference in Sydney today, Tizzy Vigilante, managing director for Australia and New Zealand wealth management at IRESS, said the new environment necessitated the need for improved technology.
“People always want to improve productivity, client engagement, and the systemisation of their business to streamline processes,” she said.
“We are making huge investment in digitisation, there is so much we are doing in that space right now from self-directed to financial advice and ensuring all the data is in one place. You need to ensure data is all in one system to gain the best efficiency.”
Jason Entwistle, director of strategic development at HUB24, said financial services was lagging behind with its use of apps versus other industries.
“Clients are using apps like Uber and expect that from their financial services provider. There aren’t many at that level. We need the data to talk to each other and that is the challenge we are trying to solve and HUB24 is looking at that. If we don’t manage it in this industry then big tech companies will do so.
“The digitisation of practice is going to change the landscape very quickly.”
Andrew Varlamos, co-founder of OpenInvest, said although Australia was a small market by population, the volume of assets held in superannuation meant it was actually a very large market for financial advisers.
Entwistle added: “I feel positive, we have been through a distressing time with the Royal Commission but the exits will throw up opportunities for investment that wouldn’t have come up otherwise”.