Recep Peker (left), Peter Worn and Jaime Johns

The functionality of platforms used by Australian advisers has come a long way.

“In the past, platforms supported advice with administration, the custody of clients’ investments and reporting,” SuitabilityHub managing director Recep Peker tells Professional Planner.

“But now, virtually all platforms offer workflow tracking capabilities, model portfolio functionalities, client portals, integration with multiple systems and separately managed accounts.”

Finura Group joint managing director Peter Worn says platforms have evolved to make the adviser’s back office more efficient with functions such as account opening, straight-through processing, digital fee consent, reporting tools and client portal capability.

Avanzare Group managing director Jaime Johns believes platforms have also worked to improve client engagement.

“They have invested in either acquiring existing software or developing tools and features that enable advisers to communicate and interact with their clients more effectively,” Johns says.

“These include online portals, mobile apps, chatbots, digital signatures and personalised content.”

Peker says platforms have also been focused on alleviating advisers’ need to call their contact centre, usually a big drain on advisers’ time. Innovations include online workflow trackers, online chats that can serve multiple advisers simultaneously and straight through processing.

Behind the changes