Financial planning firms will struggle without tech investment

Financial planners and licensees need to continue to invest in technology and try to integrate a trusted advice model with a holistic view, according to Findex.

The firm’s chief operations officer, Tony Roussos, said that investments made in technology would be crucial to help avoid planners being overwhelmed and that the holistic view is that what clients would need and want, going forward.

“I can see where larger institutional businesses may not be attractive for advisers. We are taking a different view, of course, where we very much are trying to provide a tailored service for our clients and we want to do it in the most consistent collaborative and communicative way with our clients and technology plays a really important part,” he said.

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“It’s really important our advisers and our staff are not burdened with inefficiency and ensure they are able to do their job really efficiently. Because of our scale we are able to invest in our systems and we have been doing that for a very long time.”

“I think larger institutional businesses in financial planning world that are not investing in technology or are not integrating the advice model so it’s more holistic will continue to struggle. And the smaller businesses that are not efficiently providing advice or not looking at the trusted advice model will struggle as well. Because clients are looking for the whole service proposition.”

Roussos stressed that clients typically had a lot of advisers with different responsibilities but they were at different firms.

“In our business they are all under one roof and they are all integrated into a one system,” he said.

“My view is the clients will become a lot more discerning and certainly more aware of their financial needs or taken more of an interest in ensuring that their financial affairs are looked after.

“I certainly believe that for us as a business you need to ensure that we are providing integrated and trusted advice which is backed by broad expertise.”

Findex, which offered services across the spectrum and outside of the wealth space and with around 100 offices was one of the largest wealth accountancy groups in Australia, and also offered integrated delivery method via its family office model.

“We can provide the services across the spectrum meaning we provide services not only in the wealth space and thanks to it, we are also be able to provide the advice in the areas of consulting for small and medium enterprises businesses,” he said.

“Typically, when you look at family offices services they are really for the more sophisticated larger families and typically who have got in excess of $300 million to $500 million and what we are trying to do is to bring this service and make it affordable for our everyday small and medium businesses and family clients that are looking for strategic advice.”

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