Advice software is yet to support the “true” advice process and is too focused on product sales and compliance, according to Lumiant.
Peter Panigiris, executive at Lumiant, said advisers would find it difficult to conduct activities that better connect with clients using the current software that was in the market.
“This is a strong statement, but software hasn’t really supported the ‘true’ advice process, it’s really supported product sales and compliance,” Panigiris said.
“Don’t get me wrong, we understand there are regulations advisers need to adhere too and requirements they need to do.
“But from a client’s point of view, it’s the least important part of the process – product sales are probably the least important part.
Santiago Burridge, Lumiant chief executive, said he had not heard anyone talk highly of their software providers.
“I say that with some level of confidence,” Burridge said.
“We need to shift that away from pen, paper and people – it has to be measurable, memorable and repeatable, and not dependent on my skill as an adviser to deliver it.
“In my early learnings in trying to understand what best practice in advice looked like, it was that great advice businesses are customer obsessed – they think about clients for life.
“The technology delivers on that promise and the job of the advisers is to spend time with their clients, that’s it.”
Burridge said the other part that “slapped me around the face” was the realisation the whole industry had been built to engage the wrong person.
“We built it to engage someone we defined as the ‘CFO [chief financial officer] spouse’ – which has typically been the male, fortunately that’s changing,” Burridge said.