Feedback from the regulator’s consultation into affordable advice reveals advisers are keen on regtech but have little interest in digital advice because it costs too much and consumers aren't interested.
Darren Whereat is building out what is likely going to be the most widely used advice technology suite in Australia over the next five or so years. IOOF will be leveraging scale for new solutions, but that doesn’t mean Xplan is old news – yet.
The influential policy specialist has called for the Financial System Reform Act to be completely rewritten, noting that legislation has not kept up with technology and changes in thinking, particularly among the next generation of clients, during a panel discussion at the SMSF Association national conference.
How advisers implement investment recommendations has evolved significantly, most notably in terms of how this process is integrated into business, something that was tested during recent market drawdowns.
Technology is merely a facilitator in advice, says Praemium's Martin Morris. If advisers have 15 service providers but an inadequate client framework, they can end up being the tail that's wagging the dog.
'New and shiny’ tech will help advice practices become more efficient and grow, Netwealth’s Matt Heine believes, but the danger of building bloated, impractical tech stacks remains. Start with the clients’ needs, he says, and then look at how tech fits into your broader service offering.
All parties in the value chain are under increasing pressure, which has more to do with taking cost out rather than margin, Praemium's Mat Walker describes in conversation with Professional Planner's Shape of Advice podcast series.