Financial advisers urged to be cautious on technology investment
Financial advisers should take certain precautions when investing in technology, according to Synchron chair Michael Harrison.
Speaking at the Association of Financial Advisers (AFA) roadshow in Sydney, Harrison said that before spending any money on technology, financial advisers must ask themselves two questions:
"Will this make my business run more efficiently, and will this tool generate more business?" Harrison said. "If the answer to both these questions in 'no', then it's not a business tool, it's a toy."
Harrison said the technology business tools currently available did not necessarily have to be advice-specific, noting that voice recorder software, video-call recorders and cloud computing all prove themselves as "absolute winners".
"Many advisers, particularly those in regional areas, are already using Skype to take advantage of free audio and video calls to clients," Harrison said.
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