Practifi to expands further into Australian market

Sydney-based financial advice technology provider Practifi has announced plans to expand further into the Australian market following investment into its data-driven wealth management platform.

Completing its $24 million Series B investment led by US-based venture capital firm Updata Partners in 2020, Practifi planned to launch a comprehensive business intelligence platform and a new app dedicated to supporting M&A.

Practifi president and co-founder, Adrian Johnstone, said: "People talk about how the advice industry in Australia needs to change, but a lot of this boils down to the technology and the tools that drive it.

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"Financial advice is a technology-enabled industry so this must change for the industry to thrive here.

"Practifi is not simply an advice or CRM platform; we are an end-to-end business performance optimisation tool."

Johnstone said while the advice industry in Australia had been in turmoil, firms that had emerged strongest were those with a value proposition that went beyond basic transactional advice and where adviser success was tied to the performance of the portfolio.

ÔÇťAdvice businesses with a deep and holistic understanding of clients will thrive, and all others will continue to contract."

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