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.
"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.
“Advice businesses with a deep and holistic understanding of clients will thrive, and all others will continue to contract."
AUTHOR
Liam Cormican
Recommended for you
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
Altus Financial, based on NSW's Central Coast, has announced a merger with advisory firm Fortunity to strengthen its presence in the region and expand its service offerings.
