Planners fail online test
Financial planners are failing to take advantage of the opportunities available to do business online, with a new survey showing that the majority of websites set up by planning groups are critically inadequate.
Bourse Data found none of the planning websites it examined offered online transactions and 64 per cent of those surveyed did not provide any value added services.
The survey also found only 24 per cent provided research to their clients, while 96 per cent of websites provided no news online.
Bourse Data chairman Alun Stevens said the survey results were in complete conflict to the trend of consumers demanding greater control of their investment portfolios.
“More and more investors are buying their own managed funds and securities online,” he said. “We found that financial planners’ websites lack the kind of value-added services desired by the new era of ‘information hungry’ investors.”
The survey took a representative sample of 25 financial planners’ websites from across Australia. It looked for whether the website had adapted to independent, tech savvy investors by providing the ability to research and transact online.
The survey found a lot of the websites merely described the planning firms’ capabilities and contact details.
But Stevens argued there were opportunities for financial planners who provide both research and online transaction capabilities, especially for investors with self-managed superannuation funds.
“What more investors want is both advice and control,” he said.
“The risk for planners who ignore this trend toward control is that their clients will sign up with other suppliers who are geared to capturing them as customers.”
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
